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.

Property Tax Exemptions in Kane County

Kane County Property Taxes

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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


 

Cook County 2018 Property Tax Bills Are Online Now

The first installment of your 2018 Cook County property tax bill is now available online.

Cook County SealThis is the earliest the bills have been made available for payment and give property owners the ability to pay property taxes before the end of this year.

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 first 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 March 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

First installment taxes for the 2018 tax year are 55 percent of the prior year’s total tax.

 

Cook County Property Tax Due Date – First Installment

The tax year 2018 first installment due date is Friday, 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


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


Illinois Has Second Highest Property Taxes in Nation

Illinois has second highest property taxes in nation

A recent study has concluded that Illinois has the second highest property taxes in the nation, second only to the state of New Jersey.

Complaining about property taxes is a common pastime in this country, but if you’re an Illinois resident, you can be assured that it’s not your imagination. Illinois has the second highest property taxes in the country.

The finding comes from an article “States with the Highest Property Taxes” from Realtor.com which used data from a survey “2018’s Property Taxes by State” conducted by WalletHub.com.

The Illinois statewide average effective tax rate is 2.32%, nearly double the national average according to Smart Asset. The average homeowner in Illinois pays $4,058 annually in property taxes. Many residents in Chicago and the surrounding counties pay more.

 

Top 10 states with the highest property taxes

New Jersey: $7,601 (2.4%)
Illinois: $4,058 (2.32%)
New Hampshire: $5,241 (2.19%)
Connecticut: $5,443 (2.02%)
Wisconsin: $3,257 (1.95%)
Texas: $2,654 (1.86%)
Nebraska: $2,506 (1.83%)
Vermont: $3,893 (1.78%)
Michigan: $2,185 (1.71%)
Rhode Island: $3,929 (1.65%)

 

Top 10 states with the lowest property taxes

Hawaii: $1,459 (0.27%)
Alabama: $550 (0.43%)
Louisiana: $750 (0.51%)
Delaware: $1,274 (0.55%)
District of Columbia: $2,811 (0.56%)
Colorado: $1,516 (0.57%)
South Carolina: $821 (0.57%)
West Virginia: $629 (0.59%)
Wyoming: $1,223 (0.61%)
Arkansas: $721 (0.63%)

 

Property tax bills Kane & DuPage CountyNew tax codes will be felt

For high property tax states such as Illinois, New Jersey, and New Hampshire, it will be getting even worse once the new tax code kicks in next year.

In the past, property taxes were a separate tax deduction you could take in full. Starting in 2018, property taxes will be part of a lump deduction along with state and local sales and income taxes that will be capped at $10,000, even for those married filing jointly.

 

The effect of high property taxes on Illinois

Property taxes are not just an afterthought when buying a home. They can cause buyers to steer clear of certain areas. Illinois is suffering from four straight years of population loss, and in 2017 it dropped from the fifth largest state to the sixth.

Related: High Property Taxes Sending Illinois Homeowners Towards a Cliff 

“I have shown buyers properties that they fell in love with, only to say a big fat no because the taxes were too high,” says real estate agent Denise Supplee at SparkRental.com. “So, property taxes do matter! And the new cap of $10,000 on property and other taxes will only make it more difficult for high-property-tax states.”

There are other factors in play when it comes to the overall cost of living other than property taxes.

Cook County Property Tax Assessments“Every state has their own mixture of taxes that they rely on to fund government services, primarily schools,” says Norton Francis, a senior research associate at the Urban-Brookings Tax Policy Center, a think tank.

States with lower property taxes may have higher income or sales taxes. Some states with higher property taxes have lower income or sales taxes. Some states rely heavily on surcharges for gasoline and cigarettes. Often times, areas with the highest property taxes also have some of the best schools.

Taxes are only one variable that people consider when it comes to buying a home or deciding where to move. One must also consider factors such as job opportunities, schools, and crime rates.

Even considering other factors though, Illinois’  second-highest property taxes in the country is likely contributing to the state’s population loss.

 


* 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


Sources:

2018’s Property Taxes by State – WalletHub
These States Have the Highest Property Taxes, but a Possible Loophole Offers Hope – Realtor
Should You Steer Clear of the States With the Highest Property Taxes? – Realtor
Best and Worst States for Property Taxes – The Balance
Illinois drops from the fifth-largest state to No. 6 – Chicago Tribune