05/18/2026
THE NEW TAX BILLS ARE OUT. WHAT SHOULD YOU DO?
The 2025 property tax bills have just recently been mailed out to property owners in the collar counties of Chicagoland (not Cook or any Wisconsin counties). Right now you should check to be sure you're getting all the exemptions you should be getting. It can save you quite a bit of money. Here are the three most common exemptions that you may be missing...
1. General Homestead Exemption. To qualify for this exemption, you must have lived in the property on January 1, 2025 and it had to be your primary residence. You can only have one property receive this exemption. It will reduce your equalized assessed value by $8,000. Depending on your individual tax rate, this can save you $600 to $1,000.
2. The Senior Homestead Exemption. If one of the owners of the property was at least 65 last year (and again, it must be your primary residence), you should be getting the Senior Homestead Exemption. In order to get it, you must apply for it once. This is the exemption I see that is missing most often. Many seniors don't know about it or don't know that they have to apply for it. Also, for this exemption, it doesn't matter what your income is. It is only based on your age. This one also reduces your equalized assessed value by another $8,000, which can save you another $600 to $1,000.
3. Low-Income Senior Citizen Assessment Freeze. If you qualify for this, over time, it can significantly reduce your taxes. This will freeze your assessed value for as long as you qualify. I have many clients who are being assessed at the same amount that they were many years ago, so they are paying much less than they would otherwise. In order to qualify, one of the owners must be at least 65, you must have a combined household income of no more than $65,000 (this goes up to $75,000 next year.) You also must have lived in the property as your primary residence on the last two January 1. You must apply for this every year in order to show that you still qualify.
The exemptions can be found on the right side of your tax bill.
These are the three most common forms of tax relief, but there are others regarding disabilities and veterans. If you think you may qualify for one of these or have any questions regarding your tax bill or how to apply for an exemption, please call me and I can answer any questions you may have. I've helped many of my real estate clients over the years keep their taxes as low as possible and I'll be glad to help you as well. 847-508-3009
