7% Cook County Homeowners’ Exemption Extended!
Many Cook County homeowners were worried that they would lose the 7% real estate tax cap this year (it was set to expire). Fortunately, over the weekend the governor signed a bill extending the tax cap. Without this bill, Cook County homeowners would have faced larger real estate tax bills in the coming years.
The 7% cap allows homeowners to receive an increased exemption on their taxes, resulting in a lower tax bill overall. Because of the 7% cap, the assessed value of a home can be reduced by up to $20,000. Without the cap, the exemption could not be more than $6000.
Over the last few years, homeowners have come to expect this reduction. If you add these expectations to dropping real estate values and the current economy, a sudden increase in real estate taxes would certainly be unwelcome!