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News from the Assessor's Office
December 7, 2022
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Homeowners: Are you missing exemptions on your property tax bill?
How to apply for Certificate(s) of Error
As homeowners in Cook County receive their 2021 Second Installment Tax Bills (tax bill) in the mail they are encouraged to look at the bottom left corner to ensure that the correct exemption(s) are applied.
If a homeowner believes they are entitled to an exemption that is not reflected on their tax bill, they can apply for what is called a Certificate of Error. The Certificate of Error process provides homeowners an opportunity to redeem missing exemptions for up to three years in addition to the current tax year. Homeowners can now apply for the 2021, 2020, 2019, and 2018 tax years all on one easy to use form available online.
Please see the full list of property tax exemptions administered by the Assessor’s Office here: cookcountyassessor.com/exemptions.
As a reminder, homeowners are responsible for paying the entirety of the tax bill to the Cook County Treasurer’s Office by Friday, December 30, 2022. If the Certificate of Error application is granted, either a corrected tax bill or a refund for the difference will be issued.
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Upcoming Events
Join a virtual workshop to learn how to file for missing exemptions on your property tax bill. The educational workshops also cover topics such as understanding your Reassessment Notice, assessment appeals, and exemptions.
To see the full list of events, visit www.cookcountyassessor.com/event-list.
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Apply for Missing Property Tax Savings
Wednesday, December 7, 2022
6:00PM - 7:00PM
Virtual Webinar: Facebook & YouTube
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Receive Property Tax Assistance
30th Ward Ald. Reboyras
Thursday, December 8, 2022
1:00PM - 5:00PM
30th Ward Office of Alderman Ariel E. Reboyras
3559 N. Milwaukee Ave. , Chicago, 60641
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Ahorre en sus Impuestos Sobre la Propiedad
Wednesday, December 14, 2022
6:00PM - 7:00PM
Virtual Webinar: Facebook & YouTube
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Apply for Missing Property Tax Savings
Wednesday, December 21, 2022
12:00PM - 1:00PM
Virtual Webinar
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Assessor Kaegi on Chicago Tonight
Assessor Kaegi breaks down assessments and property tax increases, highlighting a recent study released by the Cook County Treasurer's Office on Chicago Tonight. Watch this in-depth segment to understand the impact for average homeowners in Cook County.
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4 things driving Chicago property tax bills higher: Look up your neighborhood
While the overall amount levied by all taxing bodies increased, not all homeowners and commercial property owners are slated to pay more. But given that residential assessments after appeals at the Board of Review rose more than commercial ones, more homeowners than not will see an increase in their bills, while more commercial owners than not will see their bills go down, the new study by the Treasurer notes.
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Maximizing Your Money Summit in Chicago - AARP Illinois
The Maximizing Your Money Summit, which also featured talks by Cook County Assessor Fritz Kaegi, Illinois Department on Aging Director Paula Basta, was a free event hosted by AARP Illinois. The non-profit, non-partisan organization with 1.7 million members across the state works to improve the lives of those 50 plus years of age.
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Tax Facts: Why are more than half of Chicago homeowners being taxed more?
More than half of Chicago homeowners are paying higher property taxes this year than last, but more than half of Chicago commercial properties are paying less, according to a recent report by the Cook County Treasurer. Below are two reasons why.
1. Higher property tax budgets – set by the City of Chicago & Chicago Public Schools – caused a citywide increase in total property tax dollars (levy) to be collected.
In Illinois, increased property tax revenues are caused by increased property tax budgets. Every year, each taxing agency determines how many property tax dollars – its levy – to collect.
A typical Chicagoan’s property taxes fund 12 agencies, all listed on your property tax bill. The agencies that collect most (about 75%) of a typical Chicagoan’s property taxes are the City of Chicago and Chicago Public Schools.
Both increased their levies: the City of Chicago by $94 million, and CPS by $114 million, according to the Chicago Tribune. A new recapture law also caused increased CPS revenue.
These set increases in revenue cause more total property taxes to be collected across Chicago. Even if assessments stayed the same, levy increases would cause higher tax bills.
2. Homeowners are bearing more of the share of total property taxes than they did last year, because of lowered assessments of commercial properties.
Property assessments and appeals shift which property owners pay how much of the total levy. If one property’s assessment is too low, then its tax bill is less than it should be – driving up their neighbor’s tax bills.
The statutory reassessment of Chicago in 2021 by the Cook County Assessor’s Office reset property assessed values throughout the city, aligning assessments with market trends. This reset had two impacts that helped homeowners.
- Assessments rose less or decreased in many South and West sides than elsewhere in the city, reducing tax bills in those regions
- Assessments rose more for commercial properties than for homes.
But the Assessor’s Office is not the final stage. Appeals at theCook County Board of Review produced substantial assessment reductions to commercial properties. This reversed the final assessment share used to calculate tax rates and bills: assessments rose more on homes than commercial properties. The impact of the Board of Review: homeowners’ share of the tax burden went up, and commercial property owners’ share went down.
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Cook County Assessor's Office
118 North Clark Street, Third Floor, Room #320, Chicago, IL 60602
www.cookcountyassessor.com
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