Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Cook County Property Tax Bills Are Online Now – Due August 1

Cook County property taxes due Aug 1 2019

The due date for Tax Year 2018 Second installment is Thursday, August 1, 2019.

Your Cook County property tax bill is now available online.

DuPage County real estate tax deferralEven if you have not received your paper bill yet, you can still make a payment online at the Cook County Treasurer website.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

 

Pay Your Cook County Property Taxes Online

The second installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment (payments are now accepted on the August 1, 2019, tax bill)
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

Make an online payment

 

Pay Your Cook County Property Tax Bill at Chase Bank

Chase Bank logoYou may pay your property tax bill at any of the Chase Bank locations in Illinois, including those located outside of Cook County.

You must present with your payment a tax bill payment coupon for the current Tax Year 2018 (payable in 2019).

Your check MUST include:

  • Property Index Number (PIN)
  • Taxpayer Name
  • Property Location, including Unit Number
  • Mailing Address
  • Telephone Number
  • Email Address
  • Tax Year/Installment

 

Pay Your Cook County Property Tax Bill at Your Local Community Bank

Participating community banks allow you to pay your property tax bill at their bank if you have an account there.

You can pay by direct debit from your checking or savings account.

Visit the bank and bring your entire original tax bill. You will receive a paper receipt.

View a list of banks where you can pay Cook County property taxes

 

Cook County Property Tax Due Date – Second Installment

The tax year 2018 second installment due date is Thursday, August 1, 2019

Your first installment should have been paid on March, 1, 2019.

Illinois home with tax lien

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Is Tax Code Uncertainty Affecting the Illinois Real Estate Market?

Home For Sale

In this post, we discuss theories offered by real estate agents as to why homes in Illinois are taking longer to sell in 2019 than last year. 

Homes in Illinois are taking longer to sell in 2019. Some real estate agents are offering possible reasons as to why this is.

 

Why are Illinois homes taking longer to sell?

Some real estate agents have a theory as to why it’s taken longer for homes to sell over the winter and spring.

Many agenst are saying the real estate slowdown is a response to buyer uncertainty about how recent tax code changes will affect what people can afford.

“There were huge changes, and people aren’t sure what it means for them until they file this year,” said Greer Haseman, an @properties agent based out of Oak Park, Illinois.

The slowdown has been noticable in Oak Park. In the first months of 2018, Oak Park homse sold in 92 days on average. In the same months of 2019 that average has jumped to 120 days.

Buyers “don’t want to plan what to spend until they know all the implications (of the revisions) on their family’s finances,” Haseman said.

 

Uncertainty is slowing the Illinois real estate market

Open House signThis question over tax code changes has added another uncertainty to the housing market in the Chicagoland region.

Another major factor is property taxes. Illinois already has the second highest property taxes in the nation. With the state economy facing serious debt and cities and counties facing budget shortfalls, fears about increased property taxes are definitely a concern.

Many economists are also concerned about the possibility of another recession. Some are projecting it could happen and that is probably keeping some buyers on the sidelines.

The uncertainty over how the new tax code will alter home budgets, “is limited to this winter,” said Jordan Chalmers, a Baird & Warner agent based out of Lincoln Park. “But it’s uncertainty, and any market dislikes uncertainty.”

 

The people most unlikely to hold off on buying a new home because of market uncertainty are upper income buyers. They are the most likely buyers to be impacted by the recent $10,000 limit on state and local taxes that can be claimed for a deduction.

 

Affects of uncertaintly not the same in all areas

Home for saleIn Lake County, Will County, and the city of Chicago, the average time a home is on the market has been longer in the first two months of 2019 than during the same period in 2018.

Only in DuPage County has the average time on market actually been shorter than last year.

The increases in market times may not always be huge, but the housing market in the Chicago area has not been as strong in other parts of the country. There is less room in this delicate market than in other places, and any swing in sale times or prices is felt more strongly here.

Recent increases in the number of homes for sale in some areas have left less-competitive houses to remain on the market longer.

Nobody likes to blame the weather but a long, tough winter definitely didn’t help things either.

Hopefully anyone who was waiting for better weather will start their house hunting soon.

 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in Naperville to represent you with any issues related to buying a home or property there, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


Property Tax Exemptions in Kane County

Kane County Property Taxes

Photo by Max Pixel

In this post, we will list the real estate tax exemptions available to qualified homeowners in Kane County, Illinois.

For help with legal issues related to real estate law, contact the experienced attorneys at Fausett Law at 630.858.0090.

Property taxes are an unavoidable part of life for homeowners in Illinois and Kane County is no different.

Because of high property tax rates, it’s important to know if you qualify for any Kane County property tax exemptions.

Tax exemptions can make a significant difference in the amount you pay, and this is especially important for anyone on a fixed income.

It’s important that you take advantage of every exemption that you can qualify for.

This information has been collected for your convenience and is also available at the Kane County Assessment Office website.

 

List of Kane County Property Tax Exemptions

  • General Homestead Exemption
  • Disabled Veterans’ Homestead Exemption
  • Returning Veterans’ Homestead Exemption
  • Homestead Improvement Exemption
  • Persons with Disabilities Homestead Exemption
  • Senior Citizens Homestead Exemption
  • Senior Citizens Assessment Freeze  Homestead Exemption

 

Kane County SealGeneral Homestead Exemption

This exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax assessment year, the reduction is $6,000.

A property must be the principal residence of the owner. Exemptions may also be available for cooperatives and qualified life-care facilities. Contact the County Assessment Office for more information.

You must apply for the exemption with the County Assessment Office. You can get an application here (General Homestead Exemption Form) or you can call (630) 208-3818 and one will be mailed to you.

 

Disabled Veterans’ Homestead Exemption

This exemption reduces the equalized assessed value (EAV) by the amount of the exemption.

Beginning with the 2015 (payable 2016) year, the reduction is:

  • All EAV from the property (before taxes are calculated) for a veteran with at least a 70% service-connected disability.
  • $5,000 of EAV from the property (before taxes are calculated) for a veteran with a 50%-69% service-connected disability.
  • $2,500 of EAV from the property (before taxes are calculated) for a veteran with a 30%-49% service-connected disability.

To qualify for the Disabled Veterans’; Standard Homestead Exemption the veteran must meet the following requirements:

  • Be an Illinois resident who has served as a member of the U.S. Armed Forces on active duty or state active duty, Illinois National Guard, or U.S. Reserve Forces, and not dishonorably discharged.
  • Have at least a 30% service-connected disability certified by the U.S. Department of Veterans’ Affairs.
  • Must be the owner of record and occupy the house as of January 1 of the assessment year.
  • The property must have a total equalized assessed value of less than $250,000 for the primary residence.

Veteran Homeowner Exemption

You must apply for the exemption with the County Assessment Office. You can get an application here (Disabled Veterans Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Returning Veterans’ Homestead Exemption

This exemption provides a one-time reduction in the equalized assessed value (EAV) by the amount of the exemption. For the current tax assessment year the reduction is $5,000 off the equalized assessed value from the property for a qualifying returning veteran.

To qualify for the Returning Veterans’; Homestead Exemption the veteran must meet the following requirements:

  • Be an Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard, or U.S. Reserve Forces.
  • Returning from active duty in an armed conflict involving the armed forces of the United States during the assessment year.
  • A veteran who dies during his or her active duty service is eligible to receive this exemption.
  • Owned or had a legal or equitable interest in the property used as the principal place of residence on January 1 of the assessment year.
  • Must be liable for the payment of the property taxes.

Real estate agent with keysThis exemption may be claimed only in the year in which the eligible veteran taxpayer returns from active duty in an armed conflict.

If a veteran taxpayer receives this exemption, then is again deployed on active duty in armed conflict and returns again in a subsequent year, the veteran taxpayer is eligible for this exemption again if the other conditions are met.

You must apply for the exemption with the County Assessment Office. You can get an application here (Returning Veterans Homestead Exemption Form) or you can call (630) 208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Homestead Improvement Exemption

Assistance for first time home buyers in DuPage CountyThis exemption reduces the EAV attributable to the improvement for four years based on the Fair Cash Value (up to $75,000) of the improvement.

A property must be the principal residence of the owner and have new improvements (such as addition, patio, or deck) that increase the value of the property.

You need not file an application. Your Township Assessor will verify the amount to the County Assessment Office. If you have any questions contact your Township Assessor.

 

Persons with Disabilities Homestead Exemption

This exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax year, the reduction is $2,000.

To be eligible for the exemption, the taxpayer must be “unable to engage in any substantial gainful activity by reason of a medically determinable physical or medical impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.”

A person becoming disabled during the assessment year is eligible in that same year.

Evidence that a taxpayer meets this condition includes:

  • A class 2 (or 2A) Illinois Persons with Disabilities Exemption
  • Identification Card from the Illinois Secretary of State’s Office. (Illinois Disabled Person Identification Card Application)
  • Proof of Social Security Administration disability benefits.
  • Proof of Veterans Administration disability benefits.
  • Proof of Railroad or Civil Service disability benefits.
  • An examination by a physician (must meet the same standards as used by the Social Security Administration). (Physicians Statement Form)

An eligible taxpayer must occupy the property as their primary residence as of January 1 of the assessment year, must be liable for paying the real estate taxes and must be an owner of record or have a legal or equitable interest in the property as evidenced by a written instrument

A taxpayer may not claim the exemption if they claim the Disabled Veterans Homestead Exemption (35ILCS 200/15-169).

You must apply for the exemption with the County Assessment Office. You can get an application here (Persons with Disabilities Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Senior Citizens Homestead Exemption

Retired Couple on Social SecurityThis exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax assessment year, the reduction is $5,000.

A property must be the principal residence of the owner, and the owner must be 65 or older by December 31 of the tax assessment year. Exemptions may also be available for cooperatives and qualified life-care facilities. Contact the County Assessment Office for more information.

You must apply for the exemption with the County Assessment Office. You can get an application here (Senior Citizen Exemption Form) or you can call (630)208-3818 and one will be mailed to you. Starting in 2009, after the initial application is approved, this exemption will automatically renew. You will be mailed a Senior Citizen Assessment Freeze Homestead Exemption application each subsequent year in the event you may qualify for this exemption.

 

Senior Citizens Assessment Freeze  Homestead Exemption

This exemption effectively freezes your assessment at a base year causing your net assessment not to increase. This does not freeze your taxes, only your assessment.

A property must be the principal residence of the owner for the beginning of two consecutive years, and the owner must be 65 or older by December 31 of the tax assessment year and meet certain household income requirements. For 2018, the maximum household income for this exemption was increased to $65,000. For 2017, the maximum household income for this exemption is $55,000.

You must apply for the exemption with the County Assessment Office. You can get an application here (Senior Assessment Freeze Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you. After the initial application is approved, you will be mailed a renewal form each subsequent year.

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


Law Offices of Lora Matthews Fausett, P.C.The Law Offices of Lora Fausett P.C. provides real estate law services including buying and sellingshort salesmortgage foreclosure defense and more.

For Information Call 630-858-0090


 

Illinois Underwater Homes Trap Homeowners in Place

DuPage County Property

Illinois home values in some areas have never fully recovered from the real estate market crash, trapping some homeowners in houses that they are ready to move out of.

 

Trapped in their underwater mortgages

For example, Steinar Andersen of Huntley Illinois is ready to move out of the state. He is a disabled veteran who cannot work because of service-related injury who still owes $187,000 in principle on his home.

“We really should be living in Arizona as it is more “disability friendly” and the property taxes are much less,” he said. He can’t though because he is so far underwater on his home loan.

Another example is Collen Percy and her recently retired husband, currently living in Plainfield.

“We’re stuck,” she said. “We would love to sell and go live in a smaller home so we don’t have the upkeep and tax burden.”

Unfortunately, they are $85,000 underwater on their suburban Plainfield home. They’re concerned that rising property taxes are further eroding their home’s value, pushing the opportunity to sell even further into the future.

Related: High Property Taxes Sending Illinois Homeowners Towards a Cliff 

 

Illinois has the highest rate of underwater homes

Edge of CliffA study of negative equity by real estate site Zillow found that nationwide, less than 10% of homeowners have negative equity in their homes.

In Illinois however, 16.4 percent of homeowners owe more on their mortgage than their home is valued at. Nationally, only the State of Louisiana had a higher rate.

In Chicago, the negative equity rate is at 20%, overtaking Las Vegas as the city with the highest negative equity rate in the nation.

 

Difficulty selling

The combination of negative equity and high property taxes can mean homeowners who want to relocate can’t actually sell their homes.

“It makes it difficult to move for a new job opportunity to relocate elsewhere,” Zillow economist Sarah Mikhitarian said.

The high property tax rates in Illinois serve to help slow or decrease the value of homes.

Related: Illinois Has Second Highest Property Taxes in Nation

Home prices in Illinois, while up since 2013, are still down 10 percent compared with the market peak in 2006, according to data from the Federal Housing Finance Agency.

Illinoisans need reforms to make owning a home more affordable, and staying in or moving to the Land of Lincoln more attractive.

 

 

You may call The Law Offices of Lora Matthews Fausett P.C. with your questions:  630.858.0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


How Illinois Property Taxes are Calculated

How Illinois property taxes are calculated and their affect on home values

Illinois homeowners pay the second-highest property taxes in the nation according to real estate data company Attom Data Solutions.

Most people will tell you they think their taxes are too high, and now you have the confirmation. Only residents of New Jersey pay higher property taxes than Illinois, with Vermont, Texas, and New Hampshire not far behind.

Of course, property taxes are essential to maintaining government services such as public schools, water lines, sewers, roads, infrastructure, parks, and libraries.

It’s not out of line though to wonder if they’are worth it.

In this post, we discuss how property taxes affect your return on home ownership and how property taxes are calculated in the state of Illinois. The method of calculation may surprise you.

 

How property taxes affect homeownership returns

  • Property taxes affect home values
  • Property taxes siphon off money that would be spent building equity
  • Second-highest cost of homeownership
  • Home appreciation prices are held in check by property taxes
  • High property taxes don’t see home values rise as quickly

Your property taxes affect home values and take away money that you could potentially spend on home improvements, paying off your mortgage sooner and building equity.

Property taxes are the second-highest cost of homeownership after your mortgage. They are a key indicator of profitability for real estate investors.

Home appreciation prices are held in check by property taxes. This can be both a benefit or a hindrance. In high-tax states, home prices don’t rise as quickly during a housing boom because people have to pay for those higher values through taxes.  On the potential upside, those same markets are somewhat more protected from wild price swings.

 

How property  taxes are assessed

Most people assume that property taxes are based on the assessment of properties.

Your property tax bill actually starts with how much the county, municipality, and taxing districts (school district, park district, library district, etc.) expect to spend.

The various taxing bodies figure out their budget based on the prior year’s budget plus an annual increase. They then figure out home much money they can expect from the state, assess the current taxable value of the property in the districts, and then the county clerk figures out the tax rate.

The county clerk calculates the tax rate based on the amount that the taxing districts are allowed to receive reconciled with the assessed property value.

In other words, taxes are based on how much they expect to spend, based on what they can get.

This can be very confusing because it is the opposite of how income taxes work. With income taxes, the more you make, the more you pay. But when your property value goes down, it doesn’t mean your property taxes go down.

 

Disputing your property tax assessment

If you think you are paying too much in taxes because your own property is not worth as much as the assessor thinks it is, you need to protest the specific assessment.

You will need to provide evidence that your property is not worth as much as the assessor thinks it is. This may include property sizes, home upgrades, location, and other factors.

There is also a time limit as to when you can contest your assessment.  For example, in DuPage County, the period during which an appeal may be filed ends thirty days after the publication of the township assessment roll. This publication date varies, but in DuPage County, it is usually in October.

 

Property tax equalization rate

Most states figure property taxes based on local budgets and assessed values, which translate to a tax rate. It can’t be that easy in Illinois though.

Illinois complicates the tax calculation by applying an “equalization” factor that figures the final tax rate up or down.

According to a 2017 press release from the Illinois Department of Revenue, the department figures out the equalization rate “for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review.” 

State law requires that the total equalized assessed value of all property in Illinois counties equals 33 1/3 percent of the fair market value. The press release goes on to say that “if the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legal mandated level.”

Municipalities have the right to accept or reject the equalization factor, which further complicates the issue.

When appealing your property tax bill, you must take into consideration how your own bill was assessed based on the equalization factor.

If you successfully appeal your assessment, your bill might not go down by much, or not at all, depending on how your municipality uses the equalizer.

 

Understanding this system will help you to vote and comment with an informed opinion about how the system can be improved for everyone.

 

Article Source: You know Illinois’ property taxes are sky-high. But the calculation process might surprise you. – Chicago Tribune


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090