How Your Property’s Assessment is Determined
Reassessment of property in Wheeling Township and all of Cook County occurs every three years. Cook County is divided into three sections: the North Townships area, which includes Wheeling Township, was last reassessed in 2007, and will be reassessed again in 2010; the South Townships area was last reassessed for 2005, and will be reassessed in 2008; the Chicago area was reassessed in 2006 and will be reassessed in 2009.
However, new construction can be assessed during the interim. Generally, partial assessments are assigned the first year, depending on when the new construction is approved for occupancy.
Many factors contribute to determining the value of your property. In addition to new construction costs, the most efficient way of determining the current Market Value for each home is mass appraisal system based on the sale price of similar homes in the same neighborhood. The Cook County Assessor’s Office records all home sales and adjusts these sale prices for inflation and/or other factors. This provides the basis for the Estimated Market Value and your Assessed Valuation.
Once you have received your “Notice of Proposed Assessed Valuation,” you have approximately 30 calendar days to file an assessment appeal with the Cook County Assessor. You can also appeal your assessed valuation in any year between reassessments.
If you are not satisfied with the decision of the Cook County Assessor or you fail to file a complaint with the Assessor within the proper time, you may file an appeal at the Cook County Board of Review. Complaint forms for the County Assessor and the Board of Review can be picked up at our office and are available on line at cookcountyassessor.com and cookcountyboardofreview.com (see links below).What to do about High Property Taxes
Property tax increases are directly related to the amount of money your local government requests for spending. Only when local governments stop relying on the property tax to fund education and other government services will property owners see property tax relief. If you are interested in helping curb governments over reliance on the property tax, contact your state legislators.
The Following Property Tax Exemptions are Available to Residential Property Owners
Check to see if you qualify for the exemptions listed below. You may contact the Wheeling Township Assessor’s Office, 847-259-1515 if you need further information or assistance.
The Homeowner Exemption for 2007 is now automatically renewed for property owners who received it in 2006. If you are not receiving your Homeowner Exemption, contact our office to fill out the proper application. You must mail the completed form back to the County Assessor or return to our office in order to receive your Homeowner Exemption. The Homeowner Exemption will reduce your EAV by $5,000 if you have resided at your property for the principal place of residence as of January 1 of the year in question. The Homeowner Exemption may also qualify you to receive the “Expanded Homeowner Exemption” (otherwise known as the 7% Cap) which can further reduce your EAV. The savings you receive in real dollars will be reflected on your second installment tax bill on the Homeowner Exemption line.
If you are 65 or older, you may apply for the Senior Citizen Homestead Exemption and reduce your EAV by $3,500. This exemption is now automatically renewed.
If you qualify for the Senior Citizen Exemption and have a total household income of $50,000 or less, you may qualify for the Senior Freeze Exemption. The Senior Citizens Assessment Freeze Exemption allows qualified Senior Citizens to apply for a freeze of the equalized assessed value (EAV) of their property. This freezes the Equalized Assessed Value at the level prior to the taxable year for which the applicant first applies and qualifies. For example, a senior citizen who applies and qualifies for this exemption in the taxable year 2007 will have the EAV of the property frozen at the 2005 EAV.
Those receiving this exemption should be aware that this does not automatically freeze the amount of their tax bill. Only the EAV remains at the fixed amount. The amount of dollars that the taxing district asks for (levy) and the tax rate will continue to effect calculation of the bill.
The Returning Veterans Homestead Exemption provides a one-time $5,000 reduction in a property’s equalized assessed value (EAV) to qualifying veterans who return from active duty in an armed conflict involving the armed forces of the United States. To receive this exemption, the veteran must file an application upon their return home.
The Disabled Person’s Homestead Exemption provides a $2,000 reduction in a property’s equalized assessed value (EAV) to a qualifying property owned by a disabled person. A disabled person must file an annual application by the county’s due date to continue to receive this exemption.
The Home Improvement Exemption encourages the expansion or renovation of homes by delaying taxation on up to $75,000 worth of improvements for at least four years. You do not have to apply for a Home Improvement Exemption. It will be given automatically. You will be eligible for the exemption after you apply for a building permit to improve your home.
The Senior Citizen Tax Deferral Program
Senior Citizen Real Estate Tax Deferral Program allows qualified senior citizens to defer all or part of the taxes on their personal residence. It is, in effect, a form of "loan" which is to be repaid only upon the happening of one or two events: (1) the taxpayer's death (except in the case of a surviving spouse) or (2) sale of the property. In the event of death, the heirs (except surviving spouse) need not repay the deferred taxes until one full year after the taxpayer's death. The amount of deferred taxes is repayable at a rate of 6% simple (not compounded) interest. The idea behind the Program is to relieve senior citizens of the worry and financial burden of not being able to pay taxes on a home they have lived in for many years at the time in their lives when they are least able to afford rising taxes due to them being on a fixed and minimal income. Applications for this program must be received by the County Treasurer's office by March 1 of the tax year in question. Go to the Treasurer’s website at www.cookcountytreasurer.com, click on Services for Seniors and then click Senior Citizen Tax Deferral to print out an application.