Cook County Assessor Fritz Kaegi announced that his office has mailed Senior and Senior Freeze Exemption renewal applications for tax year 2018. The application deadline is Feb. 6, and an annual renewal is required.
To qualify for the Senior Citizen Exemption for tax year 2018, a taxpayer must have been born in or before the year 1953, owned the property during 2018 or have a lease or contract for 2018 which makes them responsible for the real estate taxes, and used the property as his or her principal place of residence in 2018.
Beginning last year, a new law increased savings for the Senior Exemption from $5,000 to $8,000 in Equalized Assessed Value (EAV). The exemption amount is not the dollar amount by which a tax bill is lowered. EAV is the partial value of a property to which tax rates are applied; it is this figure on which a tax bill is calculated.