Local home sales were up 32% year over year in February 2010 from February 2009, however the median home sale price went down 10.3% during that same time period. Crain’s Chicago Business just published an article that highlights this data in a neat fashion.
The good news – the number of homes that sold year over year is up. The bad news - median home prices are still declining. This is due in large part because of the number of foreclosures and short sales prevalent in this market. I’ve said it before and I continue to reiterate that until these sales clear the market, we will continue to see downward pressures on home values. Perhaps a bright spot in all of this is that Mortgage Bankers Association recently reported that the number of homeowners falling behing on their mortgage payments declined in 4th Quarter 2009 compared against the 3rd Quarter 2009.
Time and time again I run into homeowners in Cook County who are not taking advantage of the property tax discount allowed on their primary residence. YES, Cook County will provide owners a property tax discount for their primary residence. So many homeowners miss this – and so I’m compelled to write.
Just this past Friday, I was at a client’s home signing all of the listing paperwork to put her place on the market. She handed me a copy of her property tax bill, and printed right there in the lower right hand column of the bill there was $0 listed as the discount under the homeowner’s exemption. Even though she has been living in this condo for five years as her primary residence, she wasn’t taking advantage of the homeowner’s exemption discount which could be anywhere from $250 to $2,000 per year.
How does one obtain this property tax discount? Simple. Print the homeowner exemption form on the Cook County Assessor’s website, fill it out, and send it in. You only need to apply once. The Cook County Assessor’s office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.
There are other property tax discounts permitted under various circumstances, including a senior citizen exemption, home improvement exemption, returning veterans’ exemption, disabled veterans’ exemption, and a disabled persons’ exemption. For more information visit the Cook County Assessor website.
If you want to view your exemption history online, visit the Cook County Treasurer’s website, click the “exemption history” link, and punch in your PIN (Property Index Number). If you don’t know your PIN, let me know and I will help you find it.
Cook County Assessor’s Office
118 N. Clark Street, 3rd Floor
Chicago, IL 60602
(312) 244-7550
Cook County Treasurer’s Office
118 N. Clark Street, Suite 112
Chicago, IL 60602
(312) 443-5100
