Will County Illinois Tax Assessor Office by ymk16089

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									James M. Houlihan
      Cook County Assessor
 Cook County
Property Taxes


Understanding the Assessment
          Process
                       • Produce fair and accurate
Role of the Assessor
                         property assessments
                       • Increase understanding and
                         encourage public participation
                         in the process
                       • Develop tax policies that
                         provide for economic
                         development, job creation and
                         improved housing opportunities
Property Tax System
                      •   Cook County Assessor
                      •   Cook County Board of Review
                      •   Property Tax Appeal Board
                      •   Circuit Court
                      •   Illinois Department of Revenue
                      •   Cook County Clerk
                      •   Cook County Treasurer
   Cook County
  Property Taxes


How to Calculate your Property
           Tax Bill
Property Tax Bills

                     • Assessed Value
                     • State Equalizer
                     • Equalized Assessed Value
                       (EAV)
                     • Exemptions
                     • Tax Rate/Local Spending
                       Typical Tax Bill in the City of Chicago
                             Percent of Bill to Each Taxing Agency
Property Tax Bills

                                            City of Chicago
                               Forest Preserve 19%
                                   District
                     Library Fund     1%
                          2%
                      Finance Authority
                              2%                              Board of Education
                          City Colleges                              51%
                                4%
                       Metro Water Rec
                         District 5%
                               Chicago Park
                                  District
                                           Cook County
                                    7%
                                               9%
Property Tax Bill
                        $320,000 Property Value
Calculating Tax Bills
                        x 10% Residential Assessment Level
                        $32,000 Assessed Value
                        x 2.9786 Equalization Factor
                        $95,315 Equalized Assessed Value
                        - $6,000 Homeowner Exemption (Minimum)
                        $89,315 Adjusted Equalized Assessed Value
                        x 5.194% Tax Rate (Sample)
                        $4,639 Annual Tax Amount
    Cook County
   Property Taxes


Tax Relief through Exemptions
Exemptions


             •   Homeowner Exemption
             •   Senior Citizen Exemption
             •   Senior Freeze Exemption
             •   Home Improvement Exemption
Homeowner Exemption
                      • Applies to principal place of
                        residence as of January 1st of
                        the tax year
                      • Subtracts from $6,000 to
                        $26,000 in EAV
                      • Can result in hundreds of
                        dollars of tax savings
                      • Automatically renewed
                              Exemption limit
Homeowner Exemption
   7% Expanded

                      • $20,000 for Chicago

                      • $20,000 for the North

                      • $26,000 for the South
                  From the Tax Bill Calculation
Examples (City)
Examples (City)

                  Homeowner Exemption Amount     $6,000
                  Tax Rate              5.194%
                  Tax Savings           $6,000 x 5.194% = $311

                   With the 2009 Maximum Exemption
                  Homeowner Exemption Amount     $20,000
                  Tax Rate              5.194%
                  Tax Savings   $20,000 x 5.194% = $1,038
                   From the Tax Bill Calculation
(North Suburban)

                   Homeowner Exemption Amount   $6,000
                   Sample Tax Rate              10%
   Examples


                   Tax Savings          $6,000 x 10% = $600


                   With the 2009 Maximum Exemption
                   Homeowner Exemption Amount   $20,000
                   Sample Tax Rate              10%
                   Tax Savings        $20,000 x 10% = $2, 000
                   From the Tax Bill Calculation
(South Suburban)

                   Homeowner Exemption Amount    $6,000
                   Tax Rate (Sample)             10%
   Examples


                   Tax Savings           $6,000 x 10% = $600


                   With the 2009 Maximum Exemption
                   Homeowner Exemption Amount    $26,000
                   Tax Rate (Sample)             10%
                   Tax Savings         $26,000 x 10% = $2,600
Senior Citizen Exemption

                           • Additional property tax savings for
                             seniors
                           • Must be 65 years or older (1944)
                           • Applies to principal residence
                           • Removes an additional $4,000 in
                             EAV
                           • Automatically renewed
Senior Freeze Exemption
                          • Freezes EAV for qualifying seniors




                          • Must be 65 years or older, applies
                            to principal residence
                          • $55,000 or less in total household
                            income
Home Improvement
                   • Exempts up to $75,000 in
                     improvements
   Exemption




                   • 4 years
                   • Automatic, on field check of
                     permits
           Same house, same neighborhood,
                   different tax bill?
                         $320,000 Home
Examples


            Homeowner with         Homeowner with
            6,000 exemption        20,000 exemption
                $4,639                   $3,912
            Senior Homeowner
                                   Senior with Freeze
           with 20,000 exemption
                                    (35,000 in EAV)
            & additional 4,000
                   Senior                $1,294
                  $3,704
                 • Long-Time Occupant
New Exemptions

                   Homeowner Exemption
                 • Returning Veterans’
                   Homeowner Exemption
                 • Disabled Persons’ Homeowner
                   Exemption
                 • Disabled Veterans’ Standard
                   Homeowner Exemption
                      – Started in tax year 2007
Homeowner Exemption
                      – Assists lower income homeowners that have
 Long-Time Occupant
                        been in their homes for at least ten years

                      – Household income of $75,000 or less

                          • Property’s adjusted base value can only
                            increase by 7% for each taxable year (no
                            exemption limit)

                      – Homeowners with a household income b/w
                        $75,001 and $100,000

                          • The property’s adjusted base value can
                            only increase by 10% for each taxable year
                            (no exemption limit)
                     • One-time $5,000 reduction in
Returning Veterans
                       EAV
                     • Qualified veterans who return
                       from active duty in armed
                       conflict
                     • Must file application upon their
                       return home
Disabled Persons


                   • $2,000 reduction in EAV
                   • Must qualify as a disabled
                     person (Class 2)
                   • Must file an annual application
                    • Certified service-connected
Disabled Veterans
                      disability
                    • $2,500 reduction in EAV for
                      disability of at least 50% but
                      less than 75%
                    • $5,000 reduction in EAV for
                      disability of at least 75%
                    • Must file bi-annual application
                 * IMPORTANT NOTE            *
New Exemptions


                 Property can receive only one
                 of the Exemptions for Disabled
                 Individuals
    Cook County
   Property Taxes


The Valuation and Appeals Process
Triennial Reassessment
                                       Industrial 25%
Assessment Ratios

                    Residential 10%




                                      Commercial 25%
                      •   Mass Appraisal Method
Valuing Residential
                      •   1.8 Million Parcels
    Properties



                      •   3 to 7 years of sales
                      •   Multiple Regression
                          –   Location
                          –   Square Feet
                          –   Type of Construction
                          –   Age
Appealing Assessments
                        • Reassessment Year
                          – North 2010 (Now)
                          – South 2011
                          – City 2012
                        • Notice of Proposed Assessed
                          Valuation
                        • 30 Days to File an Appeal with
                          our office
Appealing Assessments
                        Residential appeals are
                         straightforward
                          – Error in characteristics
                          – Similar homes in neighborhood
                            assessed lower
                        • A lawyer is not required
Appealing Assessments                 Condominiums




                        • We produce a value for the whole
                          building – then apply percentage of
                          ownership
                        • Joint appeal
              • Taxpayer Services Department
Information


                   312-443-7550
              • Office in County Building
                   118 N Clark Street
              • Website
                   www.cookcountyassessor.com
James M. Houlihan
       Cook County Assessor

								
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