1-4s Investors: Check your Property Tax Exemptions

The Cook County Assessor’s office is pursuing back taxes, plus penalties and interest, from property owners who have been receiving tax exemptions erroneously.  By law, a property owner is allowed to collect an exemption only on a single, primary residence.  A new law gives the Cook County Assessor the means to recoup funds from those who have improperly received homeowner, senior, disabled persons’ or disabled veterans’ exemptions. The law also allows the assessor to administer property tax liens on the homes of those taxpayers who have received undue property tax exemptions.

 

Owners of 1- to 4-unit rentals should ensure that they are not improperly claiming exemptions on any rental properties.  Learn more at CookCountyAssessor.com or read about it in the Chicago Tribune.