Have You Checked Your Cook County Property Tax Bill?

The Cook County property tax bill was due August 1 this year.  Unfortunately, Chicago homeowners may notice an increase in their property tax bill.  Every three years, Cook County does a reassessment of property values and 2018 is the year for the city of Chicago.  With the increase in property values in the last three years, property taxes are expected to rise.  The south suburbs had their three year assessment last year in 2017.

Are You Receiving Your Home Exemption?

Since Cook County property tax bills have recently been issued,  this is a good time to review your bill.  One thing you will want to verify is that you are receiving any homeowner exemption that you are entitled to.  If not, you are missing an opportunity to take advantage of this valuable reduction to your property tax bill.  If you have purchased your home in the last couple of years, make sure that you have applied for your homeowner exemption.  Cook County pays taxes a year in arrears so the previous homeowner’s exemption is still reflected in the first year after you own the home.

If you are not sure of the property tax exemption process, visit the Cook County Tax Assessor website. In addition, if you have received the magical age of 65, don’t forget to apply for your Senior Exemption.

Are Your Taxes Paid to Date?

It is also a good time to verify that your property taxes are paid to date.  Thousands of Cook County homeowners every year find out that their delinquent property taxes have been sold to outside parties.  If your taxes have been sold, you will need to redeem your “forfeited” taxes and this can be costly.  In order to redeem your taxes if they are sold, you’ll have to pay the original taxes plus any accrued interest, penalties, fees and costs that the purchaser incurred.  After a couple of years, the purchaser would be able to take deed to your home.

I like to suggest that family members may want to check the status for older or disabled family members that might fail to pay.  Click here for a Delinquent Property Tax search. If you don’t know your PIN number, you can find it by searching by the property address.  Click here for that search.  Each year, Cook County holds a Tax Sale where taxes are offered for purchase.  Don’t put your home at risk by not being aware of the status of your tax payments.  It’s just too easy to check.

Millie C. Lumpkin, Broker