The Illinois Omitted Assessment Exemptions are a set of exemptions that are available to property owners who have failed to pay their property tax assessments. There are two types of exemptions: the Homestead Exemption and the Senior Citizen Real Estate Tax Deferral Program. The Homestead Exemption allows homeowners to receive a reduced assessment on their primary residence if they have owned the property for at least three years. The Senior Citizen Real Estate Tax Deferral Program allows seniors to pay their taxes over a five-year period, with interest. Both exemptions are available to property owners in all Illinois counties.
Illinois Omitted assessments Exemption
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Omitted assessments Exemption
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Cook County follows a triennial reassessment cycle, meaning that a property is reassessed once every three years.
Illinois law provides the Certificate of Error procedure to allow the Cook County Assessor to apply changes to a property tax bill that has already been issued. It is a way to make a correction after the assessment for that tax year is finalized.
For residential property owners, the assessed value equals 10% of the fair market value of the home. For most commercial property owners, the assessed value is 25% of the fair market value. This level of assessed value is the taxable amount of the property, as determined by Cook County ordinance.
Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2021 calendar year. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.
These omitted assessment tax bills are commonly called ?back tax?bills. The county assessor may assess properties which may have been omitted from assessments for the current year and not more than 3 years prior to the current year.
The Cook County Assessor's Office uses mass appraisal to produce property values. Instead of appraising property one-by-one, mass appraisal looks to the real estate market to detect local trends in property values based on location and characteristics.
The Home Improvement Exemption allows a homeowner to add improvements to their home that add to its value (for example, by increasing the building's square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years. No application is required.
Homestead Exemption for Persons with Disabilities This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes.
