Making Dreams Come True Housing Fair – Thursday April 12th

Making dreams come true - Housing fair April 12 2018

Chicago Urban League and Huntington National Bank presents:

“Making Dreams Come True” Housing Fair

EVENT DESCRIPTION:

Are you thinking of becoming a homeowner?

Join us and learn how to achieve the American Dream of homeownership.

Various professionals will be on hand to discuss options for finding, financing, and owning a home.

Our professionals are knowledgeable, experienced and stand ready to ensure your home buying experience is profitable and problem free.

Enter to win a 42” Flat Screen Television (Must be present to win)

DATE:

Thursday, April 12th, 2018

TIME:

6:00PM—8:30PM

LOCATION:

Chicago Urban League
4510 S Michigan Avenue
Chicago, IL 60653
(Parking Available)

REGISTRATION

To register, contact:
ganderson@thechicagourbanleague.org
(773) 285-1500

Space is limited! Reserve your seat, today!
Refreshments will be provided.

* 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 modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, 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%)

New 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.

“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.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, 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

Cook County Senior Property Tax Exemption and Freeze Application Deadline Extended

Senior Exemption Application Deadline Extended

If you have not applied for your Cook County Senior Property Tax Exemption or Property Tax Freeze Application, there is still time.

The deadline for senior homeowners in Cook County to apply for the senior property tax exemption and senior property tax freeze has been extended to Friday, March 2.

Cook County Assessor Joseph Berrios has extended the deadline past the original deadline, previously Friday, March 2.

If you know someone who may be eligible, please let them know. Thousands of eligible homeowners have not renewed their exemptions.

According to Assessor Joseph Berrios:

“I extended the deadline so all seniors have extra time to return their applications to ensure they receive the expanded exemption savings this year.

It is also important to remember that under Illinois law, seniors are required to reapply annually for both the Senior and Senior Freeze Exemptions.”

Many qualifying seniors have not renewed

The assessor’s office said over 270,000 applications were mailed in early January to seniors who received the exemption last year.

Approximately 80,000 seniors who received that notice have not yet renewed their exemptions.

Senior Property Tax Freeze Exemption Qualifications

To qualify for the Senior Freeze Exemption for Tax Year 2017, taxpayers must have:

been born prior to or in the year 1952,
a total household income of $65,000 or less for [income] Tax Year 2016,
owned the property or had a legal, equitable or leasehold interest in the property on January 1, 2016 and January 1, 2017,
used the property as a principal place of residence as of January 1, 2016 and January 1, 2017, and
been responsible for the payment of 2016 and 2017 property taxes.

Download forms

Senior Citizen Property Tax Exemption Application (PDF)

Senior Property Freeze Exemption Application (PDF)

For more information, visit http://www.cookcountyassessor.com/ or call the Assessor’s office at 312-443-7550.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, Will, and Kendall Counties.

For Information Call 630-858-0090

Photo credit: “Chicago bungalow” photo licensed under the Creative Commons Attribution-Share Alike 2.5 Generic license.

Please Join Us in Supporting H.O.M.E. DuPage Home Ownership Resources

H.O.M.E. DuPage, Inc. is a nonprofit organization that provides a full range of services to promote responsible sustainable homeownership, with an emphasis on serving first-time homebuyers, low-income and moderate-income households and homeowners in crisis.

When you support H.O.M.E. DuPage, you help preserve homeownership through services that help people achieve their dream of owning a home.

H.O.M.E. DuPage Mission

H.O.M.E. DuPage helps educate people on managing finances, fixing bad credit, and preparing first-time homebuyers to realize their dream of owning their own home.

H.O.M.E. DuPage also helps current homeowners in crisis.

When the foreclosure process begins, there is still hope. In 2017, H.O.M.E. DuPage assisted over 300 local families in crisis.

H.O.M.E. DuPage Wish List

You can help support H.O.M.E. DuPage Inc. through your financial donations or by providing items on their wish list.

Home Buyer Education Class Speakers
Ambassadors
Volunteers (community speakers)
Website Assistance
Printing of Literature

Other ways to help:

Follow H.O.M.E. DuPage on Facebook and share our posts
Sign up for H.O.M.E. DuPage mailing list

Make a Donation

They need your help to be able to continue to provide vital services to our community.

Your tax-deductible donation to H.O.M.E. DuPage, Inc. will go to work right here in DuPage County:

helping a mother and her son (both suffering medical crises) save their home from foreclosure
giving a single mom the opportunity to become a homeowner for the first time
teaching a young couple to successfully manage their money with the help of a Financial Coach

We hope that you can help support DuPage County residents to achieve their dream of homeownership.

The Law Offices of Lora Fausett P.C. provides real estate law services in DuPage, Kane, Kendall and Cook counties including buying and selling, short sales, mortgage foreclosure defense and more.

For Information Call 630-858-0090

Illinois State Tax Lien Registry

Illinois home with tax lien

On January 1, 2018, the new State Tax Lien Registration Act went into effect, changing how state tax liens are filed in Illinois.

The act created a single centralized Illinois State Tax Lien Registry for filing notices of tax liens.

What is Statewide Tax Lien Registry?

The Statewide Tax Lien Registry is an online, searchable database of Illinois tax liens filed or released by the Illinois Department of Revenue (IDOR). The registry documents all active tax liens as of January 1, 2018, and all future lien filings and releases.

Registry Website: Illinois State Tax Lien Registry

IDOR will no longer be recording its liens or releases with local county recorders. Going forward, IDOR will maintain its own searchable Illinois State Tax Lien Registry and you can no longer search for liens through your county.

Illinois State Tax Lien Registry Video

How to know if a tax lien has been filed?

Anyone can search the Illinois State Tax Lien Registry. The registry is the only location available to search liens filed by the Illinois Department of Revenue. You will no longer be able to inquire through each individual county.

How to access the Illinois Tax Lien Registry?

You can access the registry through the “Lien Registry” link under the “Quick Links” section on the Illinois Department of Revenue website at tax.illinois.gov, or visit this direct link.

How do I find a tax lien?

When you are at the Statewide Tax Lien Registry, you can search for a tax lien using multiple forms of search criteria including:

Lien ID
FEIN
Business name
Lien filed or released date
Taxpayer first and last name
Street address
Combination of above

Seal of Illinois Search results are dependent on how the taxpayer is registered with the department. A general search or using a partial name could provide multiple results.

Search results will appear as a list of liens at the bottom of the screen. If no tax lien appears in the list area, you may want to modify search criteria to assure you have the correct information.

The results row will identify specific information about the lien, such as the date filed and the date released if applicable. For more information on a specific lien, click on the blue “Lien ID” hyperlink. The lien detail will now be visible.

Any questions about the status or the validity of the tax lien must be addressed by the taxpayer. The taxpayer is the only person who may contact the department about the lien. Call by phone at 217-785-5299.

Due diligence recommended

Because this tax lien system is new, property owners with existing tax liens before January 1, 2018, should perform due diligence that includes searching both the Illinois State Tax Lien Registry and your county recorder office to ensure all relevant state tax lien information is discovered.

Vist the Illinois Statewide Tax Lien Registry

The Law Offices of Lora Fausett P.C. provides real estate law services including buying and selling, short sales, mortgage foreclosure defense and more.