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 2013, and will be reassessed again in 2016; the South Townships area was last reassessed for 2011, and will be reassessed in 2014; the Chicago area was reassessed in 2012 and will be reassessed in 2015.
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.
Appealing Your Assessment
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.
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. All forms are available online at www.cookcountyassessor.com.
The Homeowner Exemption for 2013 is now automatically renewed for property owners who received it in 2012. 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 $7,000 if you have resided at your property for the principal place of residence as of January 1 of the year in question. 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 $5,000 once approved.
If you qualify for the Senior Citizen Exemption and have a total household income of $55,000 or less in the year prior to the property tax year in question, 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 or the current year whichever is lower. For example, a senior citizen who applies and qualifies for this exemption in the taxable year 2013 will have the EAV of the property frozen at the 2013 EAV or 2012 EAV whichever is lower.
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.
Both Senior Exemptions must be renewed annually.
The Long-Time Occupant Exemption is an extension of the expanded homeowner exemption. You must meet all of the requirements for the homeowner exemption plus the following requirements in order to be eligible.
- You must have lived in the house for 10 years dating from January 1st.
- You must have a total gross household income of no more than $100,000 in the year prior to the property tax year in question.
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 Veterans' Homeowner Exemption provides an annual reduction in the equalized assessed value (EAV) on the primary residence occupied by a disabled veteran on January 1 of the assessment year. The amount of the exemption each year depends on the percentage of the disabled veteran's service-connected disability as certified by the U.S. Department of Veterans' Affairs. Beginning with the property tax year 2015, Veterans with 70% or more service-connected disability are completely exempt from property taxation (may be subject to a maximum EAV). Veterans with a 50% to 69% service-connected disability will receive an annual $5,000 reduction in EAV. Veterans with a 30%-49% service-connected disability will receive $2,500 reduction in EAV. Disabled veteran must apply for this exemption each year.
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 up to $5,000 of the taxes on their personal residence for any one year. 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.