Property Taxes in Cook County: Know Your Rights

The Basics You Should Know

What role do property taxes play?

Approximately 6,900 local governments in Illinois (e.g. municipalities, townships, counties, schools, park districts) use property taxes to finance the majority of services that they provide to their citizens. The largest share of property taxes (62 percent) goes to school districts for elementary and secondary education.

This information is intended for property owners in Cook County. (Click here if you own property elsewhere in Illinois.)

How is real property assessed in Cook County?

The required assessment level for tax purposes on a single-family home or condo in Cook County is 16% of the property’s Fair Market Value. The Fair Market Value is determined by the Cook County Assessor. The 16% assessment level also applies to smaller apartment buildings—those with six units and under.

Will I be notified if my assessment is going to change?

Yes. Every three years, your property will be reassessed. A complete list of assessments must be published for notification purposes. In addition, you will receive a mailed notice of any change in the assessment. (Cook County is divided into three assessment districts, with one district being reassessed every three years.)

Reasons property assessments may increase:

The property values in the area are increasing.
Improvements were made to the property (e.g., an addition to your home; extensive remodeling; a new deck or patio).
The property was under-assessed in relation to other properties and this error has been corrected.
The property has a homestead exemption that has been removed.

Challenging the Assessment on Your Property

How can I tell if the assessor has placed a fair value on my property?

There are few things that can be done to quickly determine whether or not your assessment is fair. Make sure that the obvious information about your property is accurate (e.g. size of home, correct square footage). Then compare the assessed value of your property with similar properties in your neighborhood to determine uniformity in assessments. Data on comparable properties can be obtained at the assessor’s office. This type of evidence will be necessary should you choose to file an appeal and show that your property is overassessed. If you choose to file an appeal, the Assessor and/or the Board of Review will examine what you are being assessed per square foot with what similar properties near you are being assessed per square foot. You will have to provide that comparison/evidence in an appeal.

How do I file an Assessment Appeal?

When your property has been re-assessed, you will receive a Notice of Proposed Assessed Valuation from the Cook County Assessor.

Property owners have the option of first appealing to the Cook County Assessor, and then, regardless of the Assessor’s decision, appeal again to the Cook County Board of Review. However, property owners can elect to skip the Assessor’s appeal process and appeal directly to the Board of Review. The Assessor’s decision of your appeal will not factor into the Board of Review’s decision.

Timing is critical as appeals can only be accepted within a specific time frame. Generally, you must make the appeal to the Cook County Assessor within 30 days of the date of the Notice of Proposed Assessed Valuation.

Timing is just as critical if an appeal is made to the Cook County Board of Review. You should contact that office to learn of the deadlines.

Get further information and appeal forms at www.cookcountyassessor.com, 312/443-7550 or
www.cookcountyboardofreview.com, 312/603-5542

Most suburban Township Assessors will assist property owners with filing an appeal; contact your respective Township office to see if this service is offered.

Property Tax Relief

State law states that a portion of the value of owner-occupied property is exempt from taxation. There are various exemptions that you should be aware of and may qualify for.

General Homestead Exemption

The Homestead Exemption provides tax relief by reducing the assessed valuation of your home. In Cook County, owner-occupied residences may be eligible for an Alternative General Homestead Exemption, also known as the “7% expanded homeowner exemption.” The exemption amount will vary from a minimum of $5,000 to a maximum of $26,000. The amount of the exemption will vary based on the value of the home and the amount of the assessment increase.

The exemption is limited to $5,000 for properties that require the Senior Citizen Assessment Freeze Homestead Exemption. (See explanation of that Exemption below.)

Eligibility Requirements for the Homestead Exemption:

You must have lived on the property on or before January 1st of the tax year; otherwise the value may be prorated for the portion of the year that it was owner-occupied.
The property must be your principal residence.
If the property is sold, the new qualifying owner must apply after January 1st for the next tax year.

Senior Homestead Exemption

Up to $3,500 reduction in assessed valuation. This amount rises to $4,000 in tax year 2008 and thereafter.
Must be 65 years of age or older during the tax year.
The property must be principal residence.
Exemption prorated to the date the owner is eligible.

Senior Assessment Freeze

Freezes the assessed valuation at the level of the qualifying year.
Must be 65 years of age or older during the tax year.
Must have a total household income of $45,000 per year or less. That income limitation rises to $55,000 in the 2008 tax year.
Must apply and qualify every year to retain freeze.
Property must be the principal residence.

These programs are administered by the Cook County
Assessor’s Office:
118 N. Clark St. , 3rd Floor
Chicago, IL 60602
312/443-7550
www.cookcountyassessor.com