Assessment freeze deadline set for June 30
There is still time for homeowners and condo owners to apply for a 7 percent cap on property tax in the city of Chicago. Mayor Daley came out to urge property owners to apply for the cap, particularly those facing foreclosure.
The cap comes on the heels of assessments that left many Chicago property owners facing one of the steepest increases in property taxes in the history of the city. Homeowners who make less than $75,000 and have lived in their property for more than 10 years are eligible for the freeze.
The city has also introduced several programs for special needs groups that will reduce payments by thousands of dollars. Disabled homeowners receive a $2,000 exemption on property taxes. Veterans receive the biggest cut in taxes, with a one-time $5,000 reduction for all returning war veterans, as well as an additional $2,500 for disabled veterans.
June 30 is the deadline to apply for the three year freeze in property taxes. The move is an important step in helping troubled homeowners around the city, who are facing a difficult time after the recent boom in Chicago Real Estate values.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, Chicago Property Tax Assessment Freeze
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