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Increases to the Homeowner’s, Senior’s and Senior Freeze Exemptions which will take effect for the second installment 2017 tax bill

by Steven Kandelman The Illinois legislature signed Public Act 100-0401 into law on August 25, 2017 which will increase the value of the General Homestead Exemption, Senior Citizens Homestead Exemption and will raise the limitation for the Senior Citizens Assessment Freeze Exemption for all counties in Illinois.  For all homeowners who have their principal residence […]

Illinois House Passes School Funding Overhaul

by Steven Kandelman On Monday, August 28, 2017, the Illinois House passed an education funding plan which will increase state money for all districts and attempt to reduce the differences in educational funding in richer and poorer districts.  The Illinois House passed the legislation 73-34 and Governor Rauner signed the bill.  This funding bill will […]

Illinois’ New Budget does not stop the Governor’s Call for a Property Tax Freeze

By Steven Kandelman July 12, 2017 After two years of not having a budget or 736 days without a budget, the Illinois Senate and House voted to override Governor Rauner’s veto and enact a budget for 2017 on Thursday, July 6, 2017.  The budget plan is expected to generate an estimated $5 billion in new […]

City Of Chicago Sewer Charge Exemption For Seniors

The City of Chicago has initiated a sewer charge for Chicago residences to help offset the deficit in funding for pensions owed to the employees of the City of Chicago.  The sewer charge will be in addition to, and equal to, the water bill that is assessed for each residence. Senior citizens owning their homes […]

Recent Amendments to Tax Incentives

by Steven Kandelman On March 23, 2017, the Cook County Board passed new amendments to the incentive tax ordinances. (Secs. 74-46, 74-62 thru 74-73 of the Cook County Code) The intended recipients of many of the Assessor’s tax incentives are owners and/or tenants who agree to purchase and/or inhabit distressed properties that are undergoing new construction […]

2017 Re-Assessment of South & Southwest Suburban Cook County

by Glenn Guttman In Cook County, at least once every 3 years, the Assessor reviews and re-assesses approximately 1/3 of the County in what is termed a “triennial reassessment”.  In 2017, the South and Southwest Cook County suburbs are scheduled to be reassessed.  Next year, in 2018, the City of Chicago proper will be reassessed.  […]

Illinois Now With Highest Median Tax Rate in the Nation

by Steven Kandelman With the second installment 2016 real estate tax bills soon to be mailed out at the end of June, 2017 (due on August 1, 2017), a new analysis of real estate taxes nationwide has alarming conclusions for Illinois taxpayers and homeowners.  According to a recently released CoreLogic comparative analysis of property taxes […]

Illinois Supreme Court Vacates Appellate Court Decision to Remove Property Tax Exemption for Hospitals

by Steven Kandelman In an opinion issued on March 23, 2017, the Illinois Supreme Court vacated a 4th District Appellate Court decision to remove the property tax exemption for not-for-profit hospitals in The Carle Foundation, et al. v. Cunningham Township, 2017 IL 120427 (2017).  The case will be remanded back to Circuit Court to determine […]

The Real Effect of the Property Tax Freeze in Illinois

In Illinois, the concept of a property tax freeze as proposed by Governor Bruce Rauner has general appeal to homeowners who have to deal with escalating tax bills every March and August. The real question to ask, however, is: will a property tax freeze lead to lower property tax bills?