Over 500,000 senior homeowners in Cook County have not reapplied for property tax savings that they are entitled to receive.
The Cook County Assessor’s Office administers property tax savings, called exemptions, which contribute to lowering a homeowner’s property tax bill.
The savings can be especially important for senior homeowners because they can provide thousands of dollars of savings on their property tax bills.
“By applying for these savings, seniors can significantly reduce their tax burden, allowing them to keep more of their hard-earned money for essential expenses or to enhance their quality of life,” said Assessor Fritz Kaegi. “In addition, encouraging family members, caregivers, and neighbors to lend a helping hand in supporting seniors through the application process can make a significant difference. Together, we can ensure that no senior homeowner misses out on the benefits they are entitled to.”
Automatic renewals related to COVID-19 ended this year and senior homeowners need to resume annual filings for the Low-Income Senior Citizens Assessment Freeze, which was previously called the “Senior Freeze.” The “freeze” provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.
This does not automatically freeze the amount of their tax bill, only the EAV remains at the fixed amount, which keeps their assessment lower, the assessor’s office said.
Senior homeowners are eligible for this exemption if they are over 65 and have a total household annual income of $65,000 or less.
Homeowners will need to reapply by Friday, Aug. 4 and can do so online by clicking here. Application forms can be downloaded in English, Spanish, Polish and simplified Chinese languages.
Source : FOX 32