JoL3 (Illinois)
Posts: 1
Posts: 1
Posted:
According to Cook County (Chicago and surrounding burbs) Assessor regulations, Co-ops are required to rebate a part of the tax liability to certain seniors. Rules are not clear. Anyone know about this?
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tax exemptions for seniors in Co-op
Started by JoL3 • 5 replies • 607 views
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SheliaH (Indiana)
Posts: 6,964
Posts: 6,964
Posted:
You really need to talk to a tax expert about this. My mother lives in cook county and she just applied for a senior citizen property tax exemption. I don't know all the it's and bolts,but it looks like it exempts the property owner from paying property taxes. When I helped her with the application, I didn't see any rules regarding co-ops, but my mother has a detached house, so it would count anyway.
Maybe what you saw applies to people who have a mortgage, as most banks pay that As part of the mortgage. Try talking to a bank and see if they know anything.
Maybe what you saw applies to people who have a mortgage, as most banks pay that As part of the mortgage. Try talking to a bank and see if they know anything.
If it is not right do not do it; if it is not true do not say it. Marcus Aurelius
CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
We have a similar Homestead Exemption in my county that is targeted toward older residents, but it's for all owner-occupied primary residences, not just co-ops (which aren't really a thing around here).
I agree that seeing a tax professional would be the next step if you can't find anything online. It may help to be clear what kind of tax you're referring to when searching. Our Homestead Exemption applies to property taxes, but the state also provides an exemption for seniors on their income taxes.
I agree that seeing a tax professional would be the next step if you can't find anything online. It may help to be clear what kind of tax you're referring to when searching. Our Homestead Exemption applies to property taxes, but the state also provides an exemption for seniors on their income taxes.
NpS (Pennsylvania)
Posts: 4,216
Posts: 4,216
Posted:
Looks like you're right about it applying to all residences.
See https://www.cookcountyassessor.com/senior-citizen-exemption
See https://www.cookcountyassessor.com/senior-citizen-exemption
Sikubali jukumu. Read all posts at your own risk.
AugustinD
Posts: 3,698
Posts: 3,698
Posted:
One web site said that anyone with questions about the senior exemption may call 312-443-7550 to reach Cook County Assessor’s Office Taxpayer Services Department.
I saw what NpS saw and agree co-op owners who can show proof of ownership (like a stock certificate) should be entitled to the exemption in general. But in the OP's case, and from what she/he posted, I am wondering if the Cook County tax assessor taxes the co-op corporation as a whole. Then the co-op corporation would likely pass the taxes along to owners as part of each unit's assessment. In which case perhaps the co-op corporation would somehow have to apply, to the Cook County Assessor, for the exemption based on the number of seniors, their percentage ownership, and so on? But so far, I see nothing requiring the co-op corporation to do this.
I lived in a co-op many years ago. I remember that the co-op billed me for my share of the corporation's property taxes as a part of my co-op assessment. At the end of the year, I received a property tax statement from the co-op, for use when filing my income tax forms.
I saw what NpS saw and agree co-op owners who can show proof of ownership (like a stock certificate) should be entitled to the exemption in general. But in the OP's case, and from what she/he posted, I am wondering if the Cook County tax assessor taxes the co-op corporation as a whole. Then the co-op corporation would likely pass the taxes along to owners as part of each unit's assessment. In which case perhaps the co-op corporation would somehow have to apply, to the Cook County Assessor, for the exemption based on the number of seniors, their percentage ownership, and so on? But so far, I see nothing requiring the co-op corporation to do this.
I lived in a co-op many years ago. I remember that the co-op billed me for my share of the corporation's property taxes as a part of my co-op assessment. At the end of the year, I received a property tax statement from the co-op, for use when filing my income tax forms.
CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
Quote:
Posted By AugustinD on 04/09/2021 9:28 AM
One web site said that anyone with questions about the senior exemption may call 312-443-7550 to reach Cook County Assessor’s Office Taxpayer Services Department.
I saw what NpS saw and agree co-op owners who can show proof of ownership (like a stock certificate) should be entitled to the exemption in general. But in the OP's case, and from what she/he posted, I am wondering if the Cook County tax assessor taxes the co-op corporation as a whole. Then the co-op corporation would likely pass the taxes along to owners as part of each unit's assessment. In which case perhaps the co-op corporation would somehow have to apply, to the Cook County Assessor, for the exemption based on the number of seniors, their percentage ownership, and so on? But so far, I see nothing requiring the co-op corporation to do this.
I lived in a co-op many years ago. I remember that the co-op billed me for my share of the corporation's property taxes as a part of my co-op assessment. At the end of the year, I received a property tax statement from the co-op, for use when filing my income tax forms.
One web site said that anyone with questions about the senior exemption may call 312-443-7550 to reach Cook County Assessor’s Office Taxpayer Services Department.
I saw what NpS saw and agree co-op owners who can show proof of ownership (like a stock certificate) should be entitled to the exemption in general. But in the OP's case, and from what she/he posted, I am wondering if the Cook County tax assessor taxes the co-op corporation as a whole. Then the co-op corporation would likely pass the taxes along to owners as part of each unit's assessment. In which case perhaps the co-op corporation would somehow have to apply, to the Cook County Assessor, for the exemption based on the number of seniors, their percentage ownership, and so on? But so far, I see nothing requiring the co-op corporation to do this.
I lived in a co-op many years ago. I remember that the co-op billed me for my share of the corporation's property taxes as a part of my co-op assessment. At the end of the year, I received a property tax statement from the co-op, for use when filing my income tax forms.
That's a likely explanation (and it differs from condos, whose owners' property tax bills cover the the interior of their homes plus their share of the common elements - the association does not pay property taxes).
The co-op board would probably know this and could answer the OP's question.
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