Property Tax Relief Options for Suburban Homeowners Before Aug. 1 Deadline

As the Aug. 1 property tax deadline rapidly approaches, many homeowners in the South and Southwest suburbs find themselves searching for ways to ease the financial burden. If you are one of those homeowners, you're not alone. Below, we outline several effective strategies to help you manage, reduce, and even defer your property taxes.

1. Examine Exemptions and Credits

Property tax exemptions and credits can significantly decrease your tax bill. These are reductions that apply directly to the home's assessed value or tax amount.

• Homestead Exemption: This exemption applies to homeowners who use their property as a primary residence, providing a reduction in assessed value.
• Senior Citizens' Exemption: If you're 65 or older, you may qualify for this additional exemption that further reduces property taxes.
• Veterans' Exemption: Veterans, especially those with disabilities, may qualify for specific exemptions lowering their taxable property value.

2. Consider a Property Tax Appeal

If you believe your property has been overvalued and you're unfairly taxed, it may be worthwhile to file an appeal with your local assessor's office.

• Collect Evidence: Compile data such as recent sales of similar properties, independent appraisals, and other evidence that supports your claim of overvaluation.
• Follow the Appeal Process: Each jurisdiction has its own deadlines and protocols for appealing property taxes, so make sure to follow them closely.

3. Investigate Payment Plans and Deferrals

Many counties offer structured payment plans or deferrals to help homeowners manage their tax payments more effectively.

• Installment Plans: Some municipalities allow you to pay your property taxes in smaller, manageable installments rather than a lump sum.
• Deferral Programs: If you meet specific criteria, such as age or disability, you might qualify to defer property tax payments until a later date, typically when the property is sold.

4. Apply for a Tax Relief Program

Several governmental and non-governmental programs assist homeowners struggling to meet their property tax obligations.

• State-Sponsored Programs: Programs like the Illinois Property Tax Credit are designed to offer substantial relief to qualified homeowners.
• Local Nonprofits: Organizations may offer grants or low-interest loans to help cover property tax payments.

5. Seek Professional Advice

Finally, consulting with a financial advisor or tax professional can provide tailored strategies to reduce your property tax burden.

• Tax Planning: An expert can offer insights into long-term strategies that can help you save on property taxes year over year.
• Maximize Exemptions and Benefits: They can also ensure you're taking full advantage of all available exemptions and credits.

As the property tax deadline looms, it's crucial to act swiftly to explore all your available options. Don't let financial stress overwhelm you. Instead, take proactive steps to manage your property tax obligations effectively.

Save on Taxes and Get Professional Help

Understanding all your options can be complicated, but you dont have to navigate it alone. Learn how to make the most of every tax-saving opportunity and get personalized advice by setting up a consultation with our expert team. Schedule your call today and take the first step towards financial relief.