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.
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Ist time filling out ‘Income Verification, sheet and I find it a little confusing. I am using
the 1st sheet of my Fed. 1040 form to extract all the answers to the questions.
However, some of the lines have more than one fiqure: example…………………………..
9b Qualified dividends …………….9b…… 3,270………9a…..3,725
20a Social Security benefits……..20a ….. 29,158……b Taxable amt .. 20b.. 9,384
Question is what fiqure do I use a or b.