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Long term occupant exemption

Many Cook County homeowners received a long term occupant exemption application in the mail from the Cook County Assessor. If you have lived in your house for more than 10 years, and your income is under a certain level, the increase in the assessment level of your real estate taxes will be limited to either 7 % or 10% by signing the form.

The assessor has no mention of this on his site which is weird.

This is a strange “exemption” and I, for one, really don’t see the need or reason for it.

Illinois Security Deposit Hassles

I just finished a rather bitter case involving a security deposit. The rules on security deposits are as follows:

1. If the property is in a complex of 5 or more units (this does not mean that the landlord has to own all 5 units, but that the complex has 5 or more units); then,

2. The landlord has 30 days to give the tenant an itemized list of damages;and,

3. The landlord must return the security deposit within 45 days of the tenant moving out.

If the landlord does not do #2 and #3 above, the tenant can file a court case for two times the amount of the deposit plus costs and attorneys fees.

If the property is a single-family house or in a complex of 5 or fewer units the above rules do not apply; you will have to look in your lease for the rules on returning your deposit.

The City of Chicago (click here for a pamphlet on the Chicago rules or here for a good summary of the Chicago ordinance)and some other suburbs including Evanston have their own very specific rules on this topic.