Good news for seniors in Schaumburg Township and Cook County!

Senior Freeze

Beginning in the tax year 2008, the total household gross income for the Senior Freeze increased to $55,000.  Also, the Senior Exemption amount will increase from $3500 to $4000 which translates to an approximate savings of $200.  Both of these changes are new State Statutes that were passed in 2008.  These changes will be reflected on the 2^nd installment of your 2009 tax bill.

According to the Assessors Office:  “Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular re-assessment increases that may occur every three years”.

Each year the household must reapply for this reduction. Application forms are similar to a Tax Form 1040 and are available at the Schaumburg Township Assessor’s Office.  Even with an assessment freeze, property taxes still can rise if local governments increase their tax rates.

Senior Exemptions

If you were born in or before 1943, you are entitled to the senior exemptions.  There are three exemptions that seniors may be eligible for:  Homeowners Exemption, Senior Exemption, and the Senior Freeze.  In order to qualify for part or all three exemptions, you must have been bon in or before 1943, and be 65 years or older in 2008.  An exemption is a reduction on your property taxes and is deductible only on the 2^nd installment of the property tax bill. 

Save your hard earned money and be sure to apply for those exemptions you are entitled to!

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, Elk Grove Village, Hoffman Estates, 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.

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Senior Freeze Homeowners Exemption ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com