HOW MUCH CAN YOU SAVE WITH HOMEOWNER'S EXEMPTION IN COOK COUNTY
By Britta Rivera
Many have asked...How much can I save with a homeowner's exemption? Well, it's important to make sure you first apply for one, or you will miss out on thousands in savings. The website below actually breaks it down for you in simple terms and describes the many exemptions available.
This is an important part of the benefits of homeownership, so make sure to go this link (www.cookcountytreasurer.com) and check your status. In most cases, the senior citizen homestead/homeowner exemptions are most often missed.
Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.
The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.
In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate)
This program is administered by the Cook County Assessor's Office. New owners should apply to:
Cook County Assessor's Office
118 North Clark Street, Room 320
Chicago, IL 60602
312.443.7550
You may find applications and additional information at: cookcountyassessor.com
Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.
Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.
CHICAGO’S NEW CONSTRUCTION HOUSING BOOM… 2016 Shows Promise
However, in early 2015 new construction starts, began to include condos, single-family homes and townhomes. While many buyers only want new construction, this created a sales frenzy. Since the new home product was stalled for so long, inventory began to dry up, creating a supply & demand issue. There are now new construction developments selling out quickly, and at top dollar.
One the most surprising areas of new construction product flooding the market, is in Bronzeville. The historic neighborhood is just minutes from the Loop & lake. The convenient location has buyers excited about the opportunity to own a new home, near the heart of the city; and at a discount.
New construction homes similar to Lincoln Park design, are popping up throughout the neighborhood. The biggest difference can be found in price. These contemporary homes are priced from the mid-$300’s to the $500’s, where they start at about $700,000 to well into the millions in Lincoln Park.
One of the biggest developer’s in the Bronzeville area is Jacob Da Builder. His luxury custom homes are being highly sought after by homebuyers, and have even generated multiple bid situations. They have given the area a modern feel, sprinkled amongst the old historic Greystones. They start in the upper $300’s, making it affordable for even the most selective of buyers.
If you look at the South Loop, where vacant land is becoming scarce, several new construction properties are coming on line. Signage is up at 17th about a block from the lake, announcing new townhomes coming on market starting in the $900’s. There are also more new rental properties, expected to break ground soon.
The one thing to note; with all the new construction coming on line, there is lack of high-rise condo buildings. While banks may have become more open to loaning on rental properties and lower risk townhomes and single-family homes, it doesn’t appear they are so loose for larger developments. As we all remember, they lost billions on condos during the collapse. It will take a while for them to forget this and lick their wounds.
Anyone looking to buy new construction in the upcoming year…may want to start early. And if you find something you like, it’s wise to act quickly. The low inventory and high demand for it, will likely create higher pricing and continued early sell-outs.
If you’re interested in securing a property, selling your home, or more information on available inventory, feel free to contact me today. Developer’s are welcomed to contact me if you need assistance selling your new construction developments. Britta Rivera Venture Group has experienced new construction agents to assist.
Britta Rivera
Baird & Warner
Real Estate Broker
Direct: 312.806.3297
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