Joseph Berrios Cook County Assessor. Role of the Assessor Produce fair and accurate property...
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Transcript of Joseph Berrios Cook County Assessor. Role of the Assessor Produce fair and accurate property...
Role of the A
ssessor
• Produce fair and accurate property assessments
• Increase understanding and encourage public participation in the process
Property T
ax System
• Cook County Assessor
• Cook County Board of Review
• Property Tax Appeal Board
• Circuit Court
• Illinois Department of Revenue
• Cook County Clerk
• Cook County Treasurer
Property T
ax Bills
• Assessed Value• State Equalizer• Equalized Assessed Value
(EAV)• Exemptions• Tax Rate/Local Spending
Property T
ax Bills
Chicago Park District
7%
Finance Authority2% Board of Education
51%
Metro Water Rec District 5%
City of Chicago19%Forest Preserve
District1%
Cook County9%
City Colleges4%
Library Fund2%
Typical Tax Bill in the City of Chicago
Percent of Bill to Each Taxing Agency
Calculating T
ax Bills
$200,000 Property Value
x 10% Residential Assessment Level
$20,000 Assessed Value
x 3.3701 Equalization Factor
$67,402 Equalized Assessed Value
- $6,000 Homeowner Exemption (Minimum)
$61,402 Adjusted Equalized Assessed Value
X 4.627% Tax Rate (Sample)
$2,841 Annual Tax Amount
Exem
ptions
• Homeowner Exemption
• Senior Citizen Exemption
• Senior Freeze Exemption
• Home Improvement Exemption
Hom
eowner
Exem
ption
• Applies to principal place of residence as of January 1st of the tax year
• Subtracts from $6,000 to $26,000 in EAV
• Can result in hundreds of dollars of tax savings
• Automatically renewed
7% E
xpanded H
omeow
ner Exem
ption
Exemption limit
• $20,000 for Chicago
• $20,000 for the North
• $26,000 for the South
Hom
eowner
Exem
ption Savings (C
ity)
2009 Minimum Exemption
Homeowner Exemption Amount $6,000
Tax Rate 4.627%
Tax Savings $6,000 x 4.627% = $277
Homeowner Exemption Amount $20,000
Tax Rate 4.627%
Tax Savings $20,000 x 4.627% = $925
2009 Maximum Exemption
Hom
eowner E
xemption
Savings (North)
2009 Minimum Exemption
Homeowner Exemption Amount $6,000
Sample Tax Rate 7%
Tax Savings $6,000 x 7% = $420
2009 Maximum Exemption
Homeowner Exemption Amount $20,000
Sample Tax Rate 7%
Tax Savings $20,000 x 7% = $1,400
Hom
eowner E
xemption
Savings (South)
2009 Minimum Exemption
Homeowner Exemption Amount $6,000
Tax Rate (Sample) 7%
Tax Savings $6,000 x 7% = $420
2009 Maximum Exemption
Homeowner Exemption Amount $26,000
Tax Rate (Sample) 7%
Tax Savings $26,000 x 7% = $1,820
Senior Citizen E
xemption
• Additional property tax savings for seniors
• Must be 65 years or older (1944)• Applies to principal residence• Removes an additional $4,000 in
EAV• Automatically renewed
Senior Freeze E
xemption
• Freezes EAV for qualifying seniors
• Must be 65 years or older, applies to principal residence
• $55,000 or less in total household income
Hom
e Improvem
ent E
xemption
• Exempts up to $75,000 in improvements
• 4 years
• Automatic, on field check of permits
Exam
ples
Same house, same neighborhood, different tax bill?
Homeowner with 6,000 exemption
$4,639
Homeowner with 20,000 exemption
$3,912
Senior Homeowner with 20,000 exemption
& additional 4,000 Senior
$3,704
Senior with Freeze (35,000 in EAV)
$1,294
$320,000 Home
New
Exem
ptions
• Long-Time Occupant Homeowner Exemption
• Returning Veterans’ Homeowner Exemption
• Disabled Persons’ Homeowner Exemption
• Disabled Veterans’ Standard Homeowner Exemption
Long-T
ime O
ccupant H
omeow
ner Exem
ption
– Started in tax year 20072007– Assists lower income homeowners that have
been in their homes for at least ten years
– Household income of $75,000 or less
• Property’s adjusted base value can only increase by 7% for each taxable year (no exemption limit)
– Homeowners with a household income b/w $75,001 and $100,000
• The property’s adjusted base value can only increase by 10% for each taxable year (no exemption limit)
Returning V
eterans
• One-time $5,000 reduction in EAV
• Qualified veterans who return from active duty in armed conflict
• Must file application upon their return home
Disabled P
ersons
• $2,000 reduction in EAV
• Must qualify as a disabled person (Class 2)
• Must file an annual application
Disabled V
eterans
• Certified service-connected disability
• $2,500 reduction in EAV for disability of at least 50% but less than 75%
• $5,000 reduction in EAV for disability of at least 75%
• Must file annual application
New
Exem
ptions
* IMPORTANT NOTE *
Property can receive only one of the Exemptions for Disabled Individuals
Information
• Taxpayer Services Department312-443-7550
• Office in County Building118 N Clark Street
• Website
www.cookcountyassessor.com