Information courtesy of Elliott & Associates, Attorneys P.C.
Cook County 2012 2nd installment tax bills were recently mailed. Payment is due no later than August 1, 2013. Homeowners may pay their tax bill in person, by mail or online.
If the bill indicates $0 due for the 2nd installment and an overpayment refund is due, homeowners will need to file an overpayment refund application with the Treasurer to obtain the refund.
Tax bills are based on: (1) assessments (which can be contested through an assessment appeal); (2) the Cook County Equalizer, (3) local tax rates (which reflect local governmental spending), and (4) tax exemptions homeowners are entitled to receive for their primary residence.
The Cook County Equalizer and local tax rates fluctuate each year for a variety of reasons, including, increases in government spending and reductions in property values, both of which push tax rates up. If you wish to review a report discussing the factors that impacted 2012 tax bills, click here. If you wish to view answers to commonly asked questions regarding the 2012 2nd installment tax bills, click here
In reviewing your tax bill, you may discover that your 2012 homeowner's exemption is less than 2011. If this is the case, it is likely because the temporary 7% assessment cap that was enacted in 2004 when property values were skyrocketing is in the process of being phased down and out. This 7% assessment cap no longer applies to Chicago properties and will be eliminated in the north suburbs in 2013 and the south suburbs in 2014. As the cap phases down and out, the general homeowner's exemption will shrink by a few hundred dollars each year. If an owner qualified for the Senior Citizen assessment freeze in 2012 and it does not appear as a deduction on their tax bill it is probably because the homeowner's 2012 assessment was lowered below the prior frozen base and will become their new base.