Chitownproperty » Taxes

City property tax bills late, but stay mostly the same

Matt Wood — Thu, 11 Nov 2010 19:47:05 +0000

The bad news: Cook County tax bills are going to be late this year, landing in mailboxes right around the holidays. The good news: they’ll be essentially the same amount as last year. Tax rate increases for the second installment bills will be less than four tenths of one percent in the city.

Tax credit results

Matt Wood — Tue, 27 Apr 2010 15:09:49 +0000

The federal tax credit for home buyers is running out. The Treasury Department says the program has been a success, helping 1.8 million people buy homes, but many experts say the program wasn’t cost effective. The New York Times estimates that for every new buyer who was lured into the market by the credit, there were three more to received it who would have purchased a home without it anyway. To take advantage of the benefit, buyers must be under contract by April 30, and close by July 30, 2010.

Extending the Home Buyer Tax Credit

Matt Wood — Mon, 19 Oct 2009 21:35:03 +0000

The $8,000 tax credit for first-time home buyers expires on November 30, unless Congress acts on a number of proposals on the table to extend it. Over 1.8 million buyers will have taken advantage of the credit by the time it expires. Lawmakers are considering extending that deadline, making the credit available to all home buyers, not just first timers, and increasing the amount to $15,000. More on the proposals at CNN/Money.

Explaining the New First-time Buyer Tax Credit

Matt Wood — Mon, 13 Apr 2009 01:33:41 +0000

There is a fair amount of confusion about the new $8,000 tax credit available to qualifying first-time home buyers. In the past, first-time buyers could get a $7,500 credit, but it had to be repaid to the government over time. The new credit does not have to be repaid, and can be claimed on either your 2008 or 2009 tax return. For instance, if you bought a home for the first time in 2008, but have already filed your taxes without taking the credit, you can claim it on your 2009 returns. Essentially, it is a one-time gift from the government toward the purchase of your first home.

The video above from the Illinois Association of Realtors explains the tax credit in more detail, as does Mary Ellen Podmolik in her weekly column in the Chicago Tribune.

Housing bill creates credit for first-time buyers

Matt Wood — Wed, 06 Aug 2008 15:39:05 +0000

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 three years are eligible, and the home must be a primary residence. The credit is adjusted for those at higher income levels as well, but it provides a nice little incentive for those looking to test the waters on a new home within the next year.

Home Office Size Matters

Matt Wood — Fri, 02 Nov 2007 20:56:08 +0000

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 from the Tribune.

Homeowner’s Exemption Extended

Matt Wood — Mon, 15 Oct 2007 20:23:39 +0000

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 from $20,000 to $33,000.

State Lawmakers Reaching Tax Compromise

Matt Wood — Tue, 24 Jul 2007 16:38:00 +0000

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 leaders said the Senate plan was overly generous, but supporters of the Senate plan contend that the House bill will still allow property taxes to rise 40 percent over the next two years.

It had appeared that the two sides were at an impasse and the tax cap legislation would expire, but Sen. Terry Link (D-Waukegan), chief sponsor of the Senate bill, said yesterday they would be willing to pass the House version as long as it includes provisions for review each year.

Second Installment Property Taxes Coming This Week

Matt Wood — Mon, 31 Jul 2006 14:51:13 +0000

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 in person at 293 Chase Bank branches or 211 other participating community banks.

Weekend News Roundup

Matt Wood — Mon, 06 Feb 2006 04:50:03 +0000

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 a million large-scale residential remodeling projects undertaken each year, but buyers getting ready to take the plunge on a fixer-upper should know how much the repair job will cost, what home values the community will support, and most importantly, whether they can handle living in the middle of a mess.
Owning investment property can afford significant tax benefits, in addition to the usual gains from appreciation and rental income.
Buying a home near a major street may have its drawbacks, with the added congestion and noise, but you can usually get a lot more house for your money.
Football may have nothing to do with buying a home, but Super Bowl weekend usually marks the kickoff of the annual buying season.
The government encourages home ownership through tax incentives like the ability to deduct mortgage interest, but did you know they also provide loans for down payments?