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 Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

Leave a Comment