This is a typical story of the little guy that is getting screwed by the giant behemoth called Cook County Illinois! 

The background behind this ‘punch to the pocket book’ is as follows:  Single lady with a very nice 2story townhouse around 1260 square feet with 2BR 2.5BA’s and a 1 car attached garage.  There are many great areas all thruout Schaumburg just like this and unfortuntely lots of people are handing over their hard earned money year after year.

Just make sure it is not happening to you!  Taxes for this townhouse for 2007 were $3891.58 with NO homeowners exemption and taxes for the same house with the same features WITH a homeowners exemption is $2704. 

THAT IS A SAVINGS OF $1186.88 that the unknowing seller overpaid to the behemoth of Cook County.

Oops!  As if things weren’t bad enough for this owner, things are even worse because she hasn’t filed for her rightful exemption for the last 4 years she’s owned the home either!  This is where you run and get a pencil and your handy calculator:

Total overpayment for these last 3 years of home ownership = $2567.77   Yikes!

Could you afford to loose this kind of money?          Could you or would you set fire to this money?

You could be if your not paying attention to your tax status and your home owners exemption! 

This is not an isolated case – I see at least 10 or more scenarios like this every year I sell real estate!  Most are not rectified until the sellers are told about the exemption when they consult me about selling their home. 

Please be sure to go to the Cook County Treasure’s Office with your homes 'permanent index number' (called a PIN) to see that you are receiving your rightful tax break on your home!  The link will take you there to find out and I hope that you do!

Click on 'Exemption History' to get a small report that looks like the example above.

If you find out that you do not have an exemption, please call the Tax Assessor in Schaumburg Township and begin to fill out the paperwork to get yours today.  You will need documentation (drivers license, utility bills, etc.) that you have owned and lived in the property for those years. 

You must live in the property yourself for a full year before you can claim this exemption for reduced taxes on your home.

Be diligent and don’t let this be you! 

     Lyn Sims (847)230-7324 at RE/MAX Suburban

 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Homeowners Exemption - Wouldn't you like this money back in your pocket? ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com