As a property owner, there are many expenses for which you will be responsible. These include the mortgage, insurance and property taxes. The property tax exemption is annual; it is a dollar amount (varies) that is deducted from your home’s value, based on your situation. In most instances when you claim a homestead exemption, the result is lower taxes.

How does it work?

When you buy a home, you will most likely be receiving a homestead exemption by your county tax office. Illinois grants an exemption automatically, in other states it might have to be applied for yearly. It’s important to confirm your assessment is accurate, so reach out to your local assessor’s office soon after you purchase to check on this. If approved, a homestead exemption may lower the amount of property taxes you pay each year.

How do you know if you are eligible and how to claim?

Exemptions for homestead, over 65 homestead, disabled homestead, disabled veteran are the most common. You must be able to prove ownership and the special groups mentioned must verify their age, military service or veteran status. These papers are reviewed by the tax assessor’s office in the county where the property is located. It may be wise to consult an attorney to ensure that you qualify and get the most benefits from the homestead law.

Key things to note:

• You can’t claim if you aren’t a primary home owner.
• Your vacation or rental home doesn’t qualify.
• Relatives living with you only qualify if they also have ownership on the property.
• You can protest your property valuation.

Learn more about Illinois Homestead Exemptions at Tax.Illinois.Gov.

I strive to be a great year-round resource for my clients. Let’s talk soon if you are thinking of buying or selling.

I am a proud REALTOR® and baby boomer! Baby boomers (those born between 1946 and 1964), form nearly a quarter of our population. We may be getting older but we are still very active!  We have in the past and continue to make a significant impact on the U.S. economy as whole, not just in the housing market. Working far longer than previous generations, we desire a lifestyle with quality… and housing that supports it.

The fact that boomers often work past the age of 65 often means that we are working from home and so expect our homes to have an office. Along with the office comes more technical characteristics that spill over to the entire home, such as wireless home networks, remote lights etc.  In anticipation of future needs where we might be in a wheelchair, we expect wider doors and hallways and single- story buildings with bigger bedrooms. A preference for low maintenance homes and flexible living spaces is prominent too.

We boomers are not adhering to the traditional retirement patterns of our predecessors. Divided into two groups when it comes to our housing needs, we either want more space, or look to downsize. Desiring this change of lifestyle, both groups are discerning buyers and know exactly what our needs are. Recently, developers are meeting this challenge head on and are constructing homes that suit this second largest group of boomer home buyers, those looking to downsize.

As I mentioned, I am a boomer. It’s easy for me to relate to other boomers’ needs and stay abreast of the options we have available for one of the most important aspects of our lives, where we lay our head at night. I stay aware of new developments for boomer housing in the Chicagoland suburbs.

Speaking of new developments, there is a townhome development that recently broke ground, right here in nearby Palatine. It’s called Newberry Lane and will offer 16 spacious units with first floor master suites. I’d love to share more about this exciting development with you, as well as answer any questions you have about downsizing or making a housing change.

Get in touch so we can pow-wow, one boomer to another!

What a lovely Summer and Fall we’ve had, but the Midwest is now starting to cool off. Be sure to enjoy some time outdoors before the harsh weather arrives. If you thinking about listing your home, and even if you aren’t, now is the time to ensure that some important tasks are taken care of outside to prepare your lawn and landscape for the winter season.

 Here are a few things to keep in mind:

Equipment: Service your snow plow or any other winter equipment/tools. Wash your garbage and recycling containers. Remove window AC units and clean your dryer vent. This is also a good time to test and replace your smoke and carbon monoxide detectors. If radon buildup is a risk, perform an inexpensive test, available at all hardware stores

Exterior Walkways, Railings, Driveways and Stairs: Make sure these areas are free of debris to allow for easier snow removal and more solid footing. Don’t forget to stock up on rock salt.

Exterior Faucets: Store away hoses. Protect exterior valves to prevent freezing pipes.

Gutters: The leaves have fallen! This is the time to clean all gutters and downspouts to prevent roof and siding damage.

Gaps, Cracks and Holes: Seal these to prevent water damage or small animals from entering. Weather strip doors and windows where necessary and check electrical outlets, attic access areas and window panes for insulation and other problems.

Add Color: Add a splash of color around your front door, sidewalk, garage and back porch by using tall grasses, vibrant purple cabbages and other plants that survive the winter climate. A wreath adorned with ribbon on the front door is a great touch. If you can, put large planters with evergreens on each side of the door. Twigs, berries, winter greenery and décor that sparkles are nice as well, inside and out.

Garden Plants: Watch trees and shrubs for any changes that might indicate disease. An arborist will give advice on correct treatments. Trim dead branches and remove dead leaves from the garden as they can impair new growth in Spring. Plant new plants or transplant older ones now.  Most garden centers have specials this time of the year but don’t be disheartened if the plants look a bit bedraggled. Their root systems are healthy and with the first sign of Spring you will be richly rewarded. Plant winter flowers for color. Move tender plants indoors and collect seeds for Spring. Early frost is not dangerous but be careful because a freeze can kill most plants.

If you are thinking of buying or selling a home, I strive to keep you well-informed and well-cared for. Reach out when you have questions!

I enjoy serving the buyers and sellers in the Northwest suburbs of Chicago. I stay abreast of the market activity in these areas in order to best serve the interests of my clients.

Occasionally, I will post interesting market activity reports for the markets I serve. These reports provide a ‘neighborhood level’ look at what’s happening with homes sales.

It helps to keep a pulse on the national housing climate as well. According to the Midwest Real Estate Data Monthly Indicator Report for February 2016, the primary story, both nationally and in local submarkets, is a dwindling months' supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we're still optimistically watching for an increase in activity in the coming months.

The chart below compares River Grove, Franklin Park and Elmwood Park median home sales to the Entire MLS for the past three years. As you can see, River Grove, Franklin Park and Elwood Park have all seen a consistent increase.

As a REALTOR® member of my local association, I have exclusive access to stats like this and more. If you are thinking of buyer or selling in the northwest suburbs, give me a call so we can discuss what’s happening in your neighborhood.

I am here to help you make the best real estate decisions for you and your family.

Reach out anytime!

Joanne Metz, Broker 

HomeSmart Connect
Cell: 708 502 2127
[email protected]