NILES TOWNSHIP ASSESSOR'S OFFICE

HELPFUL MONEY SAVING TIPS

What can we do to lower our monthly expenses?

Besides exemptions, there are no other ways to directly save on our property tax bills.

So we looked for ways we can save money in other ways to help lighten the financial burden we all have.

Home Maintenance

There are many preventive measures we can do to our homes that will help us save. Here’s an article listing 32 tips to help you save.

Weatherization

Weatherization is a systemic, whole-house approach to saving energy. It includes insulation in key areas, like the attic, floors, sidewalls; sealing the perimeter of the home; and addressing air infiltration with advanced diagnostics like blower-door technology to guide the process. It can save homeowners 20 to 30% on utility bills, especially in cold climates. (Reference)

Low income households can apply for weatherization assistance through CEDA.

Save on Utilities

Weatherization will help save gas and electric bills but here are some other tips to save.

The Low Income Home Energy Assistance Program (LIHEAP) helps eligible low-income households pay for home energy services (primarily heating during winter months).

Tips on reducing water and sewer bill. (Additional Tip)

Car Maintenance

Taking steps on maintaining your cars will help avoid and reduce on repair bills. Check out this article for ideas on reducing your maintenance costs.

With our ever increasing gas costs, here are some smart tips on saving on gas.

How exemptions help you save

The Cook County Assessor’s office administers property tax exemptions that may contribute to lowering your property tax bill. The exemptions listed on this page reduce the equalized assessed value (EAV), or taxed value, of a home. Exemption applications are due in early 2021 for the 2020 tax year. These savings will be reflected on the SECOND- installment property tax bill mailed in the summer of 2021.

Here’s an example of how a tax bill would be calculated, for a home with an estimated fair market value of $300,000 and a local tax rate of approx. 10%. Please note the Equalized Assessed Value (EAV) is the partial value of the property. It is the figure on which the tax bill is calcuated.

$300,000 Estimated Fair Market Value
X .10 Assessment Level
(10% for residential properties)

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$30,000 Assessed Value
X 2.916 State Equalizer (eg)

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$87,480 Equalized Assessed Value (EAV)
– 10,000 Homeowner Exemption

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$77,480 Adjusted Equalized Assessed Value
X .09159 Tax Rate (eg)
(example; your tax rate could vary)

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$7096.39 Estimated Tax Bill in dollars

NILES TOWNSHIP ASSESSOR