New Tax Law Helps Homeowners and Seniors Save
A new tax law will allow low-income families and especially seniors living on a fixed-income remain in their homes. It should come as no surprise that the cost of owning a home these days has gotten incredibly hard. With increasing taxes, it’s never over. Homeowners and seniors alike concerned with keeping their homes have spoken up at community outreach events and our senators have listened.
Senator Antonio Munoz (D-Chicago) and Representative Robert Martwick (D- Chicago) got bipartisan support to receive more tax-saving exemptions for homeowners and senior homeowners on a fixed-income.
The Homeowner Exemption is available to eligible taxpayers and residents of any age for their primary home increased from $7,000 to $10,000 in Equalized Assessed Value (EAV). The new Senior Exemption available for all taxpayers and residents 65 years and older, regardless of income, is increased in total from $5,000 to $8,000 in EAV. These values aren’t the dollar amount in which the tax bill is lowered and the EAV is the partial value of a property to which tax rates are applied.
The updated Senior Freeze Exemption will allow low-income seniors to increase allowable total household income from $55,000 to $65,000.
“We conceived this legislation in response to the many taxpayers who have attended our community outreaches throughout the county and those who have visited our offices. They expressed the need for greater property tax relief,” Berrios said in a press release. “The new law provides additional exemption savings and helps all taxpayers, especially Cook County seniors, many on fixed incomes, remain in their homes.”