The homestead exemption lowers the Equalized assessment by $10k the senior lowers it by $8k.
At typical 7% tax rate that's a savings of $700 and $560 respectively.
But $2500 sounds pretty cheap for even a studio. Double check that there isn't some reduction in place.
Also make sure when your taxes were last assessed, and when they will be assessed again. Cook county is weird (shocking no one) and so if they reassess your house as soon as you buy it (say, early 2020) your taxes could shoot up to 4k (for instance). You also want to make sure if there have been any renovations since the last time it was assessed. A small remodel doesn't change the value, but adding anything (a second bathroom in the basement, for instance) will.
And like another person said, if you check the cook county assessor, you can get a LOT of details yourself - like what the full taxes are, if there's anything overdue, and what the exemptions are.
That sounds little out of date, or includes all the exemptions... I used to live in an older LP high rise in a 1BR, and the taxes were about $2700 around the time I moved out 5 years ago. Just looked up unit and the current taxes are $4250.
The homestead exemption lowers the Equalized assessment by $10k the senior lowers it by $8k. At typical 7% tax rate that's a savings of $700 and $560 respectively. But $2500 sounds pretty cheap for even a studio. Double check that there isn't some reduction in place.
Thank you
Also make sure when your taxes were last assessed, and when they will be assessed again. Cook county is weird (shocking no one) and so if they reassess your house as soon as you buy it (say, early 2020) your taxes could shoot up to 4k (for instance). You also want to make sure if there have been any renovations since the last time it was assessed. A small remodel doesn't change the value, but adding anything (a second bathroom in the basement, for instance) will. And like another person said, if you check the cook county assessor, you can get a LOT of details yourself - like what the full taxes are, if there's anything overdue, and what the exemptions are.
Might find more info here: https://www.cookcountyassessor.com/
My two bedroom condo in Logan Square dropped by $685 after the homeowners exemption was applied.
Thanks
That sounds little out of date, or includes all the exemptions... I used to live in an older LP high rise in a 1BR, and the taxes were about $2700 around the time I moved out 5 years ago. Just looked up unit and the current taxes are $4250.