LONG-TIME OCCUPANT HOMEOWNER EXEMPTION FOR COOK COUNTY
New exemption will allow homeowners residing in their homes 10 years or more to receive additional tax relief if the following requirements are met:
- Homeowner with a total household income of $75,000 or below will have an increase limited to 7% over the prior year’s taxable value, with no maximum exemption amount.
- Homeowner with a total household income greater than $75,000, but not exceeding $100,000 will have an increase limited to 10% over the prior year’s taxable value, with no maximum exemption amount.
So an example would be: Your taxes are $3500 per year - the most they could increase would be $245 and you would have to make less than $75,000 per year.
So an example would be: Your taxes are $3500 per year - your income is above $75,000 but below $100,000 your taxes could only increase $350 per year.
Please note the Long-Time Occupant Exemption cannot be received with the 7% Expanded Homeowner Exemption (in layman's terms, this is the regular homeowners exemption that one receives) or the Senior Freeze Exemption. The most beneficial exemption (the one that takes off the most amount of money) will be applied to the property.
If you would like additional information regarding this new exemption or any other exemption, please go to www.cookcountyassessor.com or your local assessor's office for a thorough explanation.
Be sure that you are applying for your exemptions so that you only pay what is necessary every year!
Be vigilant! The county is not making this information readily available to all that need to know!
Long-time Occupant Homestead Exemption (LOHE) – Cook County Only
Public Act 95-644 that passed into law in 2007 created a new homestead exemption for counties that are subject to the AGHE (currently only in Cook County). The new exemption is in effect in Cook County beginning with 2007 tax year for residential property that is occupied as a primary residence for a continuous period by a qualified taxpayer with a total household income of $100,000 or less. The property must be occupied for 10 continuous years or 5 continuous years if the person receives assistance to acquire the property as part of a government or non-profit housing program. This exemption limits EAV increases to a specific annual percentage increase that is based on the total household income of $100,000 or less. A total household income of $75,000 or less is limited to a 7% annual percentage increase in EAV or a total household income of over $75,000 to $100,000 is limited to a 10% annual percentage increase in EAV. The minimum limit is the same amount calculated for the GHE with no maximum limit amount for the exemption. Properties cannot receive both the LOHE and the AGHE, GHE or SCAFHE. Properties that qualify for the SCAFHE will receive the same amount calculated for the GHE. For information and to apply contact the Cook County Assessor's Office.
Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
Hanover and Schaumburg Township Exemptions ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
Hi Lyn, Interesting that you must be in your house for over 10 years to qualify for the additional tax relief. It's nice to know that they are putting limits on the amount that taxes can increase. Thanks for sharing. It's always interesting to see what is happening in other parts of the country.
Lyn...I am glad they are tryin gto help some homeowners, but to little and to late for many!
Thanks Sandy & Bill: They are trying to work things out for the homeowners, but they don't seem to make these different programs more available for the public to see. It's still a 'you're on your own' attitude with the county. Just trying to get the word out so folks only paid their fair share and not a dime more!
Hi Lyn !
This would seem like a benefit to some, but as mentioned, it may not be enough.
... oh and cool new profile pic btw !!!
:o)
I still like the idea of your local government trying to help those that are staying put and not helping put houses on the market as a short sale or a foreclosure.
I'm not sure if I'd call Cook County IL a local government there Todd. It's the largest county outside LA and like everything large - it's out of control & bungling everyone's taxes. I am throughly surprised that it is being proactive at this time, but, their alternative is outright tax revolt! Hanover Township just to the west almost had a riot/scream fest at the last tax meeting!