Chitownproperty

A $7,500 nudge for first-time homebuyers — chicagotribune.com
As part of the sweeping housing bill passed by Congress last week, first-time home buyers will get a tax credit of $7,500 if they make their purchase from April 9, 2008 through June 30, 2009. Only first-time buyers or those who have been renting for the past [...]

If you work out of a home office, the IRS lets you deduct a percentage of your home’s total expenses, based on the size of the office. But the office has to meet a certain “regular and exclusive” criteria, meaning it must be primarily used for work, not just part time duty. More [...]

The state congress voted to extend the Cook County homeowner’s property tax exemption at the last minute on Friday, continuing the allowance for another three years. The homeowner’s exemption is an attempt to cap property tax increases due to rising property values at seven percent per year. The new exemption will be increased [...]

The Illinois House and Senate are making moves to compromise on legislation to extend the 7 percent property tax cap in Cook County. Earlier this year, the Senate had passed a bill increasing the Homeowner’s Exemption from $20,000 to $60,000, but House members introduced a competing bill that greatly reduced that amount. House [...]

The 2005 second-installment Cook County property tax bills are coming out this week, but you don’t have to wait for the mail to pay them. As long as you know your property’s 14-digit tax PIN, you can pay your bill online at the Cook County Treasurer’s website. You can also pay your bill [...]

A quick rundown of this weekend’s real estate news sections:

An overview of the International Builders Show by the Sun-Times focuses on building materials and home fixtures to be featured by home builders in the coming years.
Several new high rises in the city take advantage of their proximity to Millennium Park, including the fabulous Heritage.
There are [...]

The Cook Country Board is considering a proposal today that would cut property taxes on rental apartment buildings 27.5 percent over three years while shifting the burden to homeowners and commercial property owners. Those tax payers would see a 2 percent increase to make up the lost revenue. The proposal, which is expected [...]

This year’s Cook County tax scavenger sale was held on Wednesday. The biennial event featured 20,000 land parcels with over two years of delinquent taxes for sale. Buyers can bid as little as $250 on the land, then the owner has between six months to two and half years to redeem the taxes. Otherwise the [...]

State and local government revenues are up, and some localities are refunding property taxes to home owners. Property taxes have increased 34 percent over the past five years, three times faster than inflation, according to the Bureau of Economic Analysis. Some places, like New York City, are giving a flat rebates to [...]

Remember that scary story about how a Congressional commission recommended taking away tax breaks for mortgage interest and local property taxes? Well don’t get too scared yet. Illinois Rep. Jerry Weller (R), says he and six other Republicans have enough support to kill the proposal if it ever comes up for debate.

Today is the last day to pay Cook County property taxes. After the close of business today, unpaid bills will be charged a 1.5 percent late fee on the amount each month. But Mayor Daley announced that there will be no property tax increase for 2006, the third straight year. Instead, they [...]

Could Congress take away deductions for mortgage interest and state and local propterty taxes? A bipartisan commission will propose just that in a final report Tuesday. Kenneth Harney examines the possibility of this becoming law.

Chicago city officials have admitted that thousands of people overpaid their portion of the 50/50 Sidewalk improvement program, in which the city and resident were supposed to split the cost of sidewalk repairs. Senior citizens were supposed to get an even larger break from the city and pay just 25% of the costs. [...]

A laundry list of strategies for selling, buying, or financing your home that can help you save on taxes. Did you know that you can use a home equity line of credit, which has tax deductible interest, to pay off other non-deductible loans for your car or tuition?

One more reason to watch for your property tax bills like a hawk. Cook County mistakenly applied payments on another home’s taxes to Jeremiah Davidson’s home and told him his bill was paid. A county employee later discovered the error, corrected it, but never informed Davidson of his new balance. Meanwhile, the [...]