By The Numbers - News You Can Use

Last Chance To Save

August 4, 2023.  Last chance to save on your property tax bills..... with the deadline quickly approaching, Cook County homeowners must act ASAP to unlock significant savings on their tax bill and meet the August 4 deadline!

Homeowners in Cook County have until August 4th to seize substantial property tax savings by applying for exemptions. Cook County Assessor Fritz Kaegi has issued a reminder urging residents to take advantage of these exemptions, which can significantly lower their property tax bills. With the deadline fast approaching, homeowners are encouraged to apply promptly to avoid missing out on potential savings.

Exemptions play a crucial role in reducing the financial burden on homeowners, and the most common one, the Homeowner Exemption, can save property owners an average of $950 annually. These savings are reflected in the homeowner's second installment property tax bill, making a tangible difference in their financial obligations.

"This year, we require homeowners to reapply for the Senior Freeze and Veterans with Disabilities Exemptions, which were previously subject to automatic renewals related to COVID-19," announced Assessor Kaegi. "It's essential that we reach out to senior and veteran communities to ensure they don't miss out on these significant savings. To achieve this, my office is actively collaborating with community partners to extend assistance to these specific homeowners."

The Assessor's Office has made the application process more convenient, allowing homeowners to apply online for exemptions. New homeowners, first-time applicants, and those needing to reapply can easily complete the process in under ten minutes through the official website www.cookcountyassessor.com/exemptions.

Property Tax Bills

For the second year in a row, the second property tax bill in Cook County will be delayed to  November 1 and due by Dec 1. 

Officials from the Cook County property tax system announced second installment property tax bills for Tax Year 2022 are expected to be available to property owners by November 1, 2023. Nearly 1.8 million tax bills are expected to be released online and by mail by early November with a due date of December 1, 2023.  

Property tax bills are mailed to owners twice a year in two installments and involve several processes and system stakeholders to ensure they are delivered efficiently and accurately. The COVID-19 pandemic, coupled with a critical overhaul of the technological backbone of the system, has had a dramatic impact on the County’s property tax processes and timelines. County officials will continue to work closely with taxing bodies and property owners to keep them informed of key dates. 

Did Someone Say "Foreclosure"?

The housing market is indeed being affected by the 11th ( yes eleventh ), rapid hike in interest rates by the Federal Reserve.  California leads the way ... California: 14,217 properties, Florida: 13,837 properties, Texas: 13,419 properties, New York: 8,772 properties, Illinois: 7,995 properties ... not entirely unexpected for those that are mortgage dependent, purchasing power has decreased by over 50% with many stretching themselves thinly. Eviction moratoriums protected families during the pandemic, but now, eviction rates in major U.S. cities are rising, returning to pre-pandemic levels. 

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