May
06

New Tax Break for Seniors with Chicago Real Estate

May 06, 2013

Chicago real estate seniors taxesA new law that gives seniors a property tax break by increasing the homestead exemption to $5,000 was signed into effect in late April, and those with real estate in Cook County will be the first to benefit.

According to the Chicago Tribune, this new rise in the exemption could save senior homeowners up to $200 a year, and goes into effect immediately in Cook County. This means it will be available for the 2012 property tax bills mailed out this year, while the remaining counties will see the change implemented in the 2013 tax year. The changes have been implemented to make sure that taxes don’t discourage those on a fixed income, such as seniors, from homeownership.

In addition, there was an increase in the general exemption for Cook County residents who will soon be feeling the expiration of the 7 percent homeowner exemption that was put in place years ago when real estate values rose. The new law makes this a little gentler, as northern Cook County will remain at a higher exemption ($12,000) for the tax year 2012 and then reduced in tax year 2013 to $7,000. Southern Cook County will remain  higher ($16,000) for two years, tax years 2012 and 2013, and will move to the lower level of $7,000 in tax year 2014.

About The Author

Read All Stories By Ben Heisler

Ben Heisler works as an account coordinator for clients involved in the housing market, construction material, rentals, personal finance and more. Visit my Google+ profile.

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