By Adam E. Bossov, Esq., Attorney, Law Offices of Adam E. Bossov, PC
Just a quick communication to let you know what is going on in the world of property taxation in Cook County.
2024 Triennial Property Tax Update
In Cook County, the new 2024 triennial reassessments are out for properties in Lakeview Township. Many homeowners are seeing increases of between 25%-60% in their taxable values from 2023 to 2024. While shocking, we see that a substantial number of these increases are merely keeping up with the fact that values in these areas remain strong and on the rise. Many parts of Chicago, like the Lakeview area, have real estate markets that are quite robust. That said, a new assessment that could double your taxes is not something that is fun to receive. To date, only three (3) of the Chicago townships that are part of the 2024 re-assessment have been opened for appeals, and they include West, Rogers Park and now Lakeview.
On a related note, the new 2023 Cook County equalization factor is 3.0163, up from 2.9237 last year and 3.0027 in 2021. Coupled with the increase in many tax rates this means that the overall effective tax rate (equalizer x tax rate) has increased from 2022 to 2023. In Chicago we estimate the increase to be about 2%. In some areas of New Trier Township, it is closer to 6%. This is all occurring without any increase in the assessment and/or taxable value.
“Senior Freeze” on Property Taxes
Lastly, in light of the increases that have and will hit residential property in Chicago, now may be the time to apply for a Senior Freeze. This is different than the regular Homeowner and Senior Citizen Exemptions, which provide a set dollar reduction to a tax bill per exemption. The Senior Freeze Exemption freezes a property’s base year assessment and thereafter reduces any future increases. The trick here, and this is where the most confusion occurs, is that the exemption does not help if values go down or stay the same. An applicant will not benefit from this exemption if they buy at the height of the market before a downturn. On the other hand, people who applied during the 1990’s or after 2008 or before the 2021 boom will now reap the rewards of having this exemption in place. To qualify for the Senior Freeze, the applicant must be over 65 years of age and have less than $65,000 of household annual income.
Go to cookcountyassessor.com/senior-freeze-exemption to review other qualifications and to apply.
Please reach out if you would like us to review the assessment for a house, multi-unit, commercial or industrial-type property that is not in our tracking system.
We are always available for consultations, which should especially be done before any purchase is made or before any change to a property is considered as even something that most people would consider to be a minor change to a property can have sizable results.
Please also contact us if there is just something about your assessment that you feel needs to be noted and discussed.
I may be reached at either adam@bossovlaw.com or 312-421-7232 or 312-401-0995. Karen may be reached at 312-826-0491. We also share info@bossovlaw.com.
