Illinois & Cook County Property Tax Benefits & Exemptions

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Buying a home is a long-term financial investment. One benefit many homeowners don’t fully explore is how homeownership can offer tax advantages, especially when paired with the property tax relief programs available in Illinois and Cook County.

Here’s a look at how homeownership may impact your taxes and what exemptions could help lower your property tax bill.

Federal Tax Benefits of Owning a Home

Most homeowners finance their purchase with a mortgage, and those monthly payments often include more than just principal and interest. At the federal level, certain homeownership costs may be tax-deductible.

According to the Internal Revenue Service (IRS), common deductible homeownership expenses may include:

  • Home mortgage interest, within IRS-allowed limit
  • State and local property taxes, subject to a combined $10,000 cap for state and local tax deductions
  • Certain mortgage-related costs, depending on your loan and situation

It’s important to note that:

  • You must itemize deductions (rather than take the standard deduction) to claim these benefits
  • Not every homeowner will benefit in the same way
  • A tax professional can help determine what applies to your situation

While tax savings shouldn’t be the sole reason to buy a home, they can be a meaningful part of the overall financial picture.

State of Illinois Property Tax Relief Programs

Illinois offers statewide programs that may provide relief to eligible homeowners.

Resources provided by the Illinois Department of Revenue outline options such as:

  • Property tax relief programs for seniors
  • Assistance tied to household income or disability status
  • Additional credits or deferrals for qualifying homeowners

Eligibility rules and benefits can vary, so it’s important to review current guidelines or consult a trusted professional for help navigating the options.

Property Tax Relief in Cook County

If you own a home in Cook County, you may be eligible for property tax exemptions that can reduce the taxable value of your home and ultimately, your tax bill.

The Cook County Assessor’s Office offers several exemptions, including:

Homeowner Exemption

Available to homeowners who occupy their property as their primary residence. This exemption lowers the assessed value of your home and is one of the most common forms of relief.

Senior Citizen Exemptions

Designed for homeowners aged 65 and older, these exemptions can further reduce property taxes and may include:

  • Senior Homestead Exemption
  • Senior Freeze Exemption (income-based, with eligibility requirements)

Exemptions for Veterans and Persons With Disabilities

Qualifying homeowners may be eligible for exemptions based on disability status or military service, depending on specific criteria.

Exemptions are not always automatic, and homeowners may need to apply or reapply to ensure they receive the benefit. A full list of Cook County exemptions can be found here.

Why Local Expertise Matters

Understanding tax benefits and exemptions can feel overwhelming, especially for first-time buyers or new homeowners. A local REALTOR® can help you:

  • Understand how property taxes vary by neighborhood
  • Flag exemptions you may want to explore after purchase
  • Connect you with trusted tax professionals or local resources

The Bottom Line

Homeownership comes with responsibilities, but it can also offer meaningful tax advantages, especially when homeowners take advantage of available exemptions and relief programs.

If you’re considering buying, selling or already own a home, learning how these benefits apply to your situation can help you protect your investment and maximize the value of homeownership.

How to Find (and Work With) the Right Contractor for Your Home Project

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Imagine this: you finally decide to update your bathroom. You find a contractor online offering a great deal. They finish the job, but when it’s done, the paint is streaky, the tiles are uneven and the light fixture hangs crooked. Now, you’re out thousands of dollars and stuck with a bathroom that leaves you unhappy.

Unfortunately, this happens more often than you might think. A 2023 study by JW Surety Bonds found that one in ten Americans has been a victim of a contractor scam. Whether you’re remodeling a kitchen, finishing a basement or adding a deck, finding the right contractor is key to protecting your home and your wallet.

To ensure your next project goes smoothly, check out these tips for choosing a trusted professional and red flags to avoid.

Step 1: Start With a Clear Plan

Before calling anyone, take time to define your goals, budget and timeline. What exactly do you want to change? How much can you spend? How soon do you need it done?
If your project is large, consider hiring an architect or designer first. They can help you create plans and compare contractor bids more effectively.

Step 2: Get Recommendations

Ask friends, family or neighbors who’ve had similar work done. Personal referrals are often the most reliable way to find a contractor who delivers quality results.

Step 3: Do Your Research

Check online reviews, look at social media pages and verify the contractor’s credentials. A trustworthy contractor should be licensed, bonded and insured. You can check with the Better Business Bureau or professional associations like the National Association of the Remodeling Industry of Greater Chicagoland to confirm their status.

Step 4: Ask for Proof of Work and References

Look at photos or visit completed projects, and ask for references. When you speak with past clients, ask how well the contractor communicated, stayed on schedule and handled any issues.

Step 5: Get Written Estimates

Ask at least three contractors for detailed written estimates, including materials, labor and timelines. Be cautious of bids that seem much lower than others. It could be a sign that they may hide surprise costs or cut corners on quality.

Building a Good Working Relationship

Once you’ve hired a contractor, communication is everything.

  • Set clear expectations early. Discuss goals, budget limits and timelines before work begins.

  • Get a written contract. It should outline the work, materials, costs, payment schedule and deadlines.

  • Stay involved. Check in daily or weekly and don’t hesitate to ask questions or raise concerns.

  • Be flexible. Surprises could be found behind walls or under floors. Having a small contingency fund helps you handle unexpected costs.

  • Show appreciation. Paying on time and expressing gratitude helps build a positive relationship while keeping your project on track.

Protect Yourself: Financial and Personal Safety

Renovations can be financially and physically messy. Protect yourself by taking these steps:

  • Ask for proof of insurance. Request a certificate listing you as “Additional Insured” to ensure you’re covered in case of accidents or damage.

  • Secure your space. Remove valuables from nearby rooms and limit access to areas outside the work zone.

  • Follow HOA or condo rules. If you live in a building, check with your board before work starts to avoid delays.

  • Know who’s in your home. Discuss when workers will be there and who will be present during the job.

Red Flags: How to Spot a Scam

Unfortunately, not every contractor operates in good faith. Be cautious if you notice any of these warning signs:

🚩 Unsolicited offers, which could include someone showing up at your door offering a “too-good-to-be-true” deal.
🚩 High-pressure sales tactics, like rushing you to sign a contract before you can check reviews.
🚩 No license, insurance or references.
🚩 No written contract.
🚩 Unusually low bids or requests for large upfront payments.
🚩 Poor communication or unprofessional behavior.
🚩 No physical address or multiple, confusing business names.
🚩 Negative online reviews or unresolved complaints.

The Bottom Line

A home renovation should add value and comfort, not stress. Take your time, do your homework and surround yourself with reputable professionals. And, when in doubt, your local REALTOR® is a great place to start. REALTORS® work with trusted contractors every day and can help connect you to experts who will protect your home and your investment.

Your Fall Home Maintenance Checklist

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Fall in Chicago is all about crisp mornings, colorful leaves and getting ready for cooler days ahead. It’s also the perfect season to take care of important home maintenance tasks before winter arrives. A little effort now can save you from costly repairs later and help keep your home safe, warm and energy efficient.

Here’s a checklist of key fall home maintenance tasks:

1. Clear Out Gutters and Downspouts

Falling leaves may be pretty, but they can clog gutters quickly. Clean out debris so water drains properly and doesn’t pool near your foundation. Check downspouts to ensure they direct water away from your home.

2. Inspect Your Roof

Chicago winters can be tough on roofs. Look for missing, loose or damaged shingles and schedule repairs before snow and ice settle in. This prevents leaks and protects your home’s structure.

3. Service Your Heating System

Before you turn on the heat for the season, schedule a furnace inspection and replace filters. A tuned-up system runs more efficiently, helps lower energy bills and ensures you’ll stay cozy when temperatures drop.

4. Seal Windows and Doors

Drafts can drive up heating costs. Check the weatherstripping around windows and doors, and re-caulk if needed. Adding storm windows or using thermal curtains can also help keep warmth inside.

5. Winterize Outdoor Plumbing

Drain garden hoses, shut off exterior faucets and cover spigots to prevent frozen pipes. If you have an irrigation system, have it blown out before the first freeze.

6. Prep Your Fireplace and Chimney

If you plan to use a fireplace, schedule a chimney cleaning to remove buildup and ensure it’s safe to operate. Don’t forget to stock up on firewood and test your fireplace damper.

7. Check Safety Devices

Replace batteries in smoke alarms and carbon monoxide detectors. Test each device to make sure it’s in working order before heating season begins.

8. Clean and Store Outdoor Furniture

Give your patio furniture a quick wash, then store it in a shed or garage to extend its life. If you don’t have storage space, use weatherproof covers to protect items from snow and ice.

9. Refresh Landscaping

Rake leaves, aerate your lawn and plant bulbs for spring. Fall is also a great time to prune trees and shrubs, especially branches close to your roof or power lines.

Stay Ahead With Seasonal Maintenance

Completing these tasks now will help you avoid bigger problems once winter sets in. Regular upkeep also preserves your home’s value.

What Is Escrow and Why Does It Matter?

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When you buy your first home, you’ll likely hear a lot of new terms for the first time, including the word “escrow.” Escrow plays a key role in both the homebuying process and in your ongoing homeownership. Let’s break it down. 

Escrow During the Home Purchase

In a real estate transaction, escrow refers to a neutral third party that holds money, documents and instructions until all conditions of the sale are met. Depending on the state, this role can be filled by a title company, escrow company, attorney or another licensed professional. In Illinois, it’s most common for the title company or your real estate attorney to handle escrow, making sure funds, contracts and closing documents stay secure until every part of the agreement is complete.

Think of it as a safety measure for both the buyer and the seller. For example:

  • The buyer’s earnest money deposit is placed in escrow to show good faith.
  • Funds are only released once the agreed-upon terms are completed, such as inspections, appraisals and loan approval.

This ensures neither side has to commit until everyone has done what they promised fully.

Escrow After You Buy: The Escrow Account

Escrow doesn’t end at closing. Many homeowners have an escrow account managed by their lender. Each month, part of your mortgage payment goes into this account. The lender then uses the funds to pay key homeownership costs on your behalf, like:

  • Property taxes
  • Homeowner’s insurance
  • In some instances, mortgage insurance

Having an escrow account helps break these large bills into manageable monthly amounts. It also provides peace of mind, since your lender is making sure these critical bills are paid on time.

Why Escrow Matters

Escrow protects buyers and sellers in the home-buying process by keeping money secure until the deal is final. Once the sale is completed, an escrow account protects you as a homeowner by making it easier to budget and preventing missed payments on taxes or insurance.

Escrow may sound like industry jargon, but it’s really a safeguard. Whether you’re buying a home or managing monthly costs, escrow helps keep the process smooth and secure.

Cool, Clean & Covered: Home Maintenance for A Stress-Free Summer

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As springtime slips away and we make way for long summer days, don’t forget about these important measures you can take to make sure your home is protected and operating efficiently all season long.

  • CHECK FOR CRACKS AROUND DOORS & WINDOWS

    The money you spend on keeping your home cool can slip through the cracks if you’re not careful. Check your windows, doors and vents for any loose fittings that could leave you paying to air condition the outdoors. Install or upgrade weatherstrips to reduce leakage or try a window insulation kit.

  • REVERSE YOUR CEILING FAN DIRECTION

    Switching your ceiling fan from clockwise to counterclockwise removes strain from your air conditioning unit by pushing cold air down, away from the ceiling and circulates it to areas where you need a breeze the most.

  • CHECK FOR MOLD AFTER SPRING SHOWERS

    Plentiful spring rains can also mean leaks and wetness in basements and attic spaces. Venture into these areas to see if you can spot any visible mold, feel an unnatural level of humidity in the space or smell something funky brewing. These are all signs you should act quickly before a small issue impacts your home in big ways.

  • CLEAN OUT GUTTERS & DOWNSPOUTS

    Springtime changes can also mean leaves, petals or other plant matter getting snug in your gutters and rain spouts. Tackle this chore on your own—ideally with the help of a friend or family member—or pay for a pro to clean your tracks and keep your gutters functioning properly.

  • TEST SMOKE & CARBON MONOXIDE DETECTORS

    While the recommended frequency for testing smoke alarms and carbon monoxide detectors is every month, the batteries should be switched out annually. And what better time to make sure you’re protected from smoke and fumes than bonfire and cookout season? It’s also important to replace the entire detector unit every 10 years, so if you’re new to your home or unsure of the last time your detectors were refreshed, be on the safe side and swap out the unit.

A few simple steps today can help you stay safe, cool and stress-free all summer long.

What To Know About A Home Warranty

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Home warranties can help you save money on appliance repairs and maintenance of your home, but they may not be right for everyone. So, if you’ve just bought a home, and are debating whether a home warranty is right for you, here’s what you need to know.

The Difference Between Insurance & Warranties

You may think that you’re covered because you have home insurance, but a warranty is a separate entity. Homeowners insurance covers unforeseen damage to your home, specifically weather related incidences, while warranties cover things breaking down within your home, like the HVAC, kitchen appliances, garbage disposals, washers and dryers and more.

How It Works

Once you sign up for a home warranty, if something breaks down, you will submit a claim to your provider. From there, the provider will set you up with a repair company, who will contact you to set up an appointment. The repair or replacement will take place, and you will cover either the service fee or repair, whichever is less.

Benefits of A Home Warranty

A home warranty provides you with piece of mind, especially for those who don’t consider themselves handy. When something breaks, you know someone will be there to fix it for you. A home warranty can also help you stay on budget, as there are fewer unanticipated costs that may arise.

The Cons of A Home Warranty

Not everything is covered by a home warranty plan. For instance, a warranty won’t cover something that has not been properly maintained. Also, you pay up front for the cost of your plan each year. So, if a year goes by with no issues or repairs, you will still have to pay the price of the premium.

As always, discuss your best course of action with your REALTOR®. Find a Chicago REALTOR here.

Habits That Will Save You Money on Utilities 

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We’re all looking for ways to cut costs and save money. According to Numbeo, the average price of utilities, including electricity, heating, cooling, water and garbage, in Chicago costs $163.52 per month for a 915 square foot apartment. However, there are small habits you can build into your day-to-day life that will add up to save you money in the long run.

Switch to LED Bulbs

LED bulbs use 75% less energy than traditional incandescent bulbs and can last up to 25 times longer. Not only will switching your bulbs save you money on your energy bill, but you will also save money by replacing bulbs less frequently.

Unplug Electronic Devices or Appliances

Electronic devices and appliances continue to use a small amount of energy even when they are plugged in, even if they’re not in use. Either unplug them or use a power strip that you can turn off to avoid spending additional money when these items are not in use.

Open Air Vents & Keep Them Clear

It may seem obvious, but when you turn on your air conditioning for the first time in the summer, check all of your vents to make sure they are open and air is moving through them. Also, it’s important to ensure no large pieces of furniture or other items are in front of your vents. These changes will help your air conditioner work less, thus saving you money!

Replace Your Filters

When your filters are full of hair, dust and dirt, your heating and cooling units have to work harder to maintain the temperature in your home. Keep your heating and air conditioning units running efficiently by replacing the filters quarterly.

Wash Your Clothes in Cold Water

Running cold water costs less than using warm or hot water, so switch your settings when you throw in a load of laundry!

Air Dry Your Laundry

Speaking of laundry, try air drying your clothes after a wash instead of using the dryer!

Utilize Your Ceiling Fans

If it’s not hot enough to turn on the air conditioning, but you want to cool down a room, utilize your ceiling fan! Fans can cool your room down by 10 degrees and use a fraction of the energy your air conditioning unit would.

By implementing these simple changes, you can save money on your utility bills and reduce your carbon footprint, which is a win-win for both your wallet and the environment!

Row of homes in snow

The Ultimate Winter Maintenance To-Do List

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As cold weather creeps in, it’s time to start looking at your winter maintenance to-do list. Use this list to start checking off your tasks to prepare for everything that comes with the wintry season.

Check for Drafts

Before Chicago temperatures drop consistently into the single and negative digits, save on your energy costs by addressing drafty entry points. You can save up to 20% each year, according to the U.S. Energy Department. Look for cracks in window caulking or doorway weatherstripping, which are two common causes of drafts.

Inspect Your Roof

Before the first snowfall, check for leaks in your roof! If you don’t know what to look for, a professional roof inspection can determine if there are any issues.

If you want to look for yourself, check for cracks or rust on flashing, warped shingles or build up of moss or lichen (which could mean decay below).

Clean Your Gutters

Clear debris from your gutters to avoid clogs which can lead to dangerous and damaging ice dams. Clogged gutters can cause expensive water damage! Follow these tips to clean your gutters.

Trim Tree Branches

Heavy snow can weigh down branches and even cause them to break off, and you don’t want them hitting and damaging your house! Make sure any limbs or branches around the outside of your home are at least three feet away.

Prep Your Pipes

Water expands when frozen, and if that water is in your pipes, it can cause them to burst. Avoid this by insulating pipes that run through unheated spaces like garages, crawl spaces, et cetera.

If the weather is expected to be particularly cold, consider setting your faucets to drip, which ensures water continues to move through the pipes and doesn’t grow stationary enough to freeze.

Check Smoke and Carbon Monoxide Detectors

Get in the habit of checking your smoke and carbon monoxide detectors once a season to see if their batteries need to be replaced. These are important safety guards!

In the end, winter maintenance doesn’t have to be intimidating! With planning and foresight, your home will be ready for whatever winter brings.

couple working on a home renovation

The Home Renovations That Will Bring You Joy – & ROI

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Whether you’re doing a home renovation for your own pleasure, to update your space or to fix something that’s broken, home projects are always in demand. We’re breaking down the projects that bring the most joy to homeowners, and the ones that will make you the most money when you’re ready to sell.

Home Projects That Bring the Most Joy

Certain projects make you want to stay at home more, increase the enjoyment of your home or simply make a homeowner happy. According to the National Association of REALTORS® (NAR) and the National Association of the Remodeling Industry(NARI), these are the projects that bring the most joy for homeowners:

  • Painting your home’s interior, either just a room or the entire home
  • Adding a home office
  • Refinishing hardwood floors
  • Closet renovations
  • Insulation upgrades

Renovations With the Highest Cost Recovery

When it comes to choosing a project for your home, there are some renovations that will have a bigger pay off in the long run compared to others. Here are the home renovations NAR and NARI say you will recover the cost of the project when selling your home.

  • Refinishing Hardwood Floors
    On average, this project costs about $3,400, and $5,000 is the estimated cost recovery, making it a 147% cost recovery.
  • New Wood Flooring
    Typically, new wood floors cost $5,500, and $6,500 can be recovered, a 118% cost recovery.
  • Insulation Upgrade
    On average, this project costs about $2,500, and $2,500 is the estimated cost recovery, making it a 100% cost recovery.
  • New Roofing
    Typically, new roofing cost $12,000, and $12,000 can be recovered, a 100% cost recovery.
  • New Garage Door
    Typically, a new garage door cost $2,000, and $2,000 can be recovered, a 100% cost recovery.

The Ultimate Spring Maintenance Checklist

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Goodbye freezing cold, hello spring! It’s time to start looking at your spring maintenance to-do list. Use this as a resource to start checking off tasks and getting ready for warmer albeit rainier weather.

Scan For Termites

Starting in March, termites become more prevalent. Keep an eye on any exterior wood of your home (porches and patios are common culprits). If you notice a hole with a winged insect the size of a rice grain flying out, that’s likely a termite. Call a pest control company as soon as possible!

Keep Mosquitos at Bay

Mosquitos can be pesky nuisances, but there is one straightforward trick to keep the hordes away from your home: get rid of any standing water. Mosquitos lay their eggs on stationary water! With no place to lay eggs, you’ll see less flying around your santuary.

Clean Your Screens & Windows

Temperatures aren’t too hot or too cold come springtime, so it’s a popular time of year to enjoy open windows. How are those windows looking? Clean filth off the screens and wipe the grime off the glass so you can enjoy as much sunshine as possible.

Clear Your Gutters

Now that the weather has thawed, rainstorms are on their way. Part of your spring maintenance checklist should include clearing leftover leaves and debris so there are no drainage issues when spring deluges truly open up.

Get Your Air Conditioner Serviced

Take care of your air conditioning units with regular service checks by scheduling a visit before the summer temperatures truly crank up. Plus, you’ll save money and stretch out the lifespan of the unit.

Check Smoke & Carbon Monoxide Detectors

Last, but certainly not least, get in the habit of checking your smoke and carbon monoxide detectors once a season to see if their batteries need to be replaced.