What does the Cook County homeowners exemption policy stipulate? A friend of mine who is planning to buy his first home within the county asked me this question not so long ago. For identity protection purposes, let us call him Thomas.
So by asking me the homeowners tax exemption question, I was given to understand that Thomas, who relocated to Cook about six months ago, was only doing his homework before committing a large sum of money to purchasing a home. As an expert in the subject matter, I was able to offer him some great insights.
If you are planning to become a homeowner in Cook County, understanding the corresponding tax exemption policy will go a long way. That is because you will be able to take advantage of it to save thousands of dollars in taxes each year, of course, depending on the value of your home. Having said that, here is what you should know about the policy.
A Brief Overview of the Cook County Homeowners Exemption Program
The Cook County Homeowners Exemption is a property policy created by the county government to give a partial tax break to homeowners. Apart from that, it seeks to prevent forced sales of homeowners’ homes by creditors contingent upon some exemptions.
It goes without saying that the exemption is issued on an annual basis by the local government and that homeowners must fill out and submit their tax exemption forms to be considered. While new homeowners are automatically taken into account for the first year, existing homeowners who fail to submit their forms will not be taken into consideration. Instead, they will have to pay normal property taxes, depending on the value of their neighborhood, the value of their property among other factors.
Normally, homeowners who would like to benefit from the exemption are expected to fill out and submit their forms between January first and April thirtieth of the said tax year. Late submissions will simply be disregarded, compelling the claimant to pay full property tax.
Are There Any Eligibility Qualifications for the Program?
It goes without saying that not every homeowner who owns a home in Cook County is eligible for tax exemption. Some homeowners do not meet the basic prerequisites for the property tax relief. To be able to benefit from the Cook County homeowners exemption, there are three fundamental requirements that you must fulfill.
- you must be the principle owner or co-owner of the property in question
- the home must be your principal place of residence and not a vacation one or anything of that sort
- you must, of course, fill out and submit your tax exemption claim form to the county Assessor’s office between January first and April thirtieth
It goes without saying that the tax exemption program is administered through the Cook County Assessor’s Office. That is where tax exemption claim forms must be channeled towards. For further details regarding submitting a form, be sure to visit the official website.
With this information in hand, you are good to go. Of course, the 2019 Cook County homeowners exemption claims window is already closed. But you can use this information to claim the tax exemption benefit in 2020 without the help of a professional consultant, of course, that is if you meet the eligibility requirements above. With nothing more to add, good luck with the process.