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TRAEN, Inc. examined two of Cook County’s income-based property tax exemptions—the Long-Time Homeowner Exemption and the Senior Freeze Exemption—to uncover misuses that warrant annual audits and the issuance of Erroneous Exemption Notices.
The two exemptions available for senior citizens, one income-based, one age-based, and how the system belies the difficulty of keeping track of them.
A profound shift in Cook County’s property tax burden will be an unanticipated legacy of the COVID-19 pandemic. A massive $1.2 billion in residential property tax breaks will be transferred to businesses and a small group of homeowners on 2nd installment tax bills. TRAEN and CEPA issued a report showcasing the crushing impact of the Assessor’s COVID cuts.
Read the FULL Report
Small businesses and corporations will be hit particularly hard by this tax shift. Chicagoland Chamber CEO Jack Lavin warned about the COVID cuts impact in his recent Crain's opinion piece.
TRAEN, Inc. is advocating for additional community housing groups to join several others in support of fairer assessment legislation that would provide a stronger equity impact for minority homeowners. Many countywide groups are on board in support of SB 3788 foreclosure legislation that requires assessors to use high foreclosure rates in their market value formulas for minority and distressed neighborhoods...