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 New Illinois Law . . .
Seniors MUST Re-Apply for Real Estate Tax Exemption Annually
by E. Michael Ciesla
Times are a changing. Illinois law now requires seniors to reapply for a senior real estate tax exemption every year. In the past, senior homeowners simply had to file an initial senior exemption application once. Last week, the Assessor's office mailed out senior exemption applications and tax freeze applications. The deadline for filing the senior exemption application is July 1.
Any person who turns 65 during 2010 is eligible to apply for the senior exemption which gives homeowners an additional $4,000 deduction off the equalized assessed valuation of their real property used to calculate the underlying property tax bill - which can result in savings of hundreds of dollars per year.
If you have not received a senior tax exemption application, you can find them online at www.cookcountyassessor.com or contact our office at 847/412-1988.
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