The second installment of Cook County real estate taxes are due tomorrow. If you haven't paid, you better get a move on.
What's that you say? You didn't pay because the bill is wrong? They forgot your homeowner's exemption? They forgot your senior exemption? They forgot your senior freeze? Wow, the county really did it this time, huh? Did you say you were going to have it fixed and then pay the bill? Is that right?
Wrong. You need to pay the bill now. You can go back and "fight city hall", or in this case, Cook County, later. You MUST pay the taxes first. If not, you will be assessed late fees and penalties starting on August 2nd. You will owe the late fees and penalties regardless of how wrong your bill was.
Pay your taxes, and then go back and file a certificate of error for the missing exemption(s). If you qualify for the exemption, eventually you'll get a refund.
Wednesday, July 31, 2013
Monday, July 29, 2013
Take Root Program Aims to Reduce Foreclosures
A new community-based foreclosure prevention and homeowner education project is starting in Chicago. It's called Take Root, and it's already operational in Milwaukee, Denver, and parts of Florida. Chicago is the next step.
Take Root is a Freddie Mac sponsored program. Unlike many other foreclosure prevention programs, however, Take Root teams up with a local community organization, operating on the assumption that local residents might be more comfortable talking to a local organization, rather than the bank or an arm of the government. In Chicago, Freddie mac is working with the Chicago Urban League.
Take Root does not offer money to participants. Rather, it educates homeowners in preventing foreclosure, and also in purchasing a new home. The program has been successful in other cities. For example, in its very first year in Milwaukee, Take Root helped more than 2,000 families avoid foreclosure.
If you need help avoiding foreclosure or advice on purchasing a home, contact the Chicago Urban League for assistance.
Take Root is a Freddie Mac sponsored program. Unlike many other foreclosure prevention programs, however, Take Root teams up with a local community organization, operating on the assumption that local residents might be more comfortable talking to a local organization, rather than the bank or an arm of the government. In Chicago, Freddie mac is working with the Chicago Urban League.
Take Root does not offer money to participants. Rather, it educates homeowners in preventing foreclosure, and also in purchasing a new home. The program has been successful in other cities. For example, in its very first year in Milwaukee, Take Root helped more than 2,000 families avoid foreclosure.
If you need help avoiding foreclosure or advice on purchasing a home, contact the Chicago Urban League for assistance.
Friday, July 19, 2013
Don't Take Multiple Homeowner's Exemptions in Cook County!
If you own a home in Cook County that you don't live in, but are claiming a homeowner's exemption on your real estate taxes, it's time to stop. If you own more than one residence in Cook County and are claiming more than one homeowner's exemption, again -- it's time to stop.
In the past, many people got away with taking multiple homeowner's exemptions. If the county ever caught you, all they did was remove the exemption going forward. They did not penalize you. But not anymore.
Under a new law, the Cook County Assessor's office will fine property owners who claim multiple exemptions. Once the county notifies you that you are claiming too many exemptions, you will have 60 days to pay back the exemptions. If you do not, a lien will be placed against the properties you own that don't qualify for the exemption. As time goes on, the penalties will increase.
The good news is that even if you know you owe exemptions, you do have some time to come clean right now. There is an amnesty period in place until the end of this year. Take advantage of it!
In the past, many people got away with taking multiple homeowner's exemptions. If the county ever caught you, all they did was remove the exemption going forward. They did not penalize you. But not anymore.
Under a new law, the Cook County Assessor's office will fine property owners who claim multiple exemptions. Once the county notifies you that you are claiming too many exemptions, you will have 60 days to pay back the exemptions. If you do not, a lien will be placed against the properties you own that don't qualify for the exemption. As time goes on, the penalties will increase.
The good news is that even if you know you owe exemptions, you do have some time to come clean right now. There is an amnesty period in place until the end of this year. Take advantage of it!
Friday, July 12, 2013
FEMA Extends Deadline for Flood Recovery Assistance
Chicagoland suffered heavy storm damage in April of this year. As a result, the Federal Emergency Management Agency (FEMA) extended flood recovery assistance to area homeowners. Homeowners may receive a grant or a low interest loan for lost property from FEMA and the Small Business Administration (SBA).
The deadline to apply with FEMA passed a couple weeks back, but FEMA has now extended the deadline to July 24, 2013 That gives affected homeowners a few more weeks to apply. In order to apply, you will need your address, a list of everyone who lives in your home, description of the damage, your social security numbers, and your insurance information.
The SBA's filing deadline is actually February 10, 2014. Affected homeowners can borrow up to $200,000 for lost real property, and up to $40,000 for lost personal property. Homeowners and renters will pay a low interest rate, amortized over 30 years, of 1.688%. Small business and non-profits that suffered a loss may also apply, but the interest rate shall be 2.875%.
The deadline to apply with FEMA passed a couple weeks back, but FEMA has now extended the deadline to July 24, 2013 That gives affected homeowners a few more weeks to apply. In order to apply, you will need your address, a list of everyone who lives in your home, description of the damage, your social security numbers, and your insurance information.
The SBA's filing deadline is actually February 10, 2014. Affected homeowners can borrow up to $200,000 for lost real property, and up to $40,000 for lost personal property. Homeowners and renters will pay a low interest rate, amortized over 30 years, of 1.688%. Small business and non-profits that suffered a loss may also apply, but the interest rate shall be 2.875%.
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