You only need to meet two requirements to qualify for the payout, which is intended to provide financial relief to homeowners.
The Cook County Homeowner Relief Fund is a $15 million program designed to assist residents who have experienced significant property tax increases in recent years.
According to a local outlet, the program will provide $1,000 payments to eligible households in Cook County, the United States’ second most populous county and home to Chicago.
The Cook County Homeowner Relief Fund will provide immediate financial relief to homeowners while the county continues its long-term property tax reform efforts at the state and local levels, which are led by the Property Tax Reform Group, or PTAX.
“It is critical that we provide relief to homeowners across the County who are experiencing hardship as their property tax bills rise,” said Cook County board president Toni Preckwinkle.
“This fund will provide short-term support to those who need it most while my administration continues to work with the PTAX Reform Group to develop long-term solutions.”
It is vital that we provide relief to homeowners throughout the County who are experiencing hardship due to their property tax bills increasing.”
ARE YOU ELIGIBLE?
Residents of Cook County can begin applying for the Cook County Homeowner Relief Fund this summer.
The one-time $1,000 payments will be distributed shortly after the applications open.
The Cook County Board of Commissioners recently approved a resolution establishing eligibility criteria for the program.
To be eligible for the payment, Cook County residents must meet two criteria.
The first requirement is that they earn no more than 100% of the area median income for their household size.
According to the county, a four-person household with an annual income of $120,000 or less is eligible.
The second criterion requires that individuals’ property tax bills have increased by 50% or more in any year since the 2021 tax year.
The county estimates that approximately 112,000 households meet the eligibility requirements.
The Cook County Homeowner Relief Fund will be managed by the Bureau of Economic Development and AidKit, Inc., which will oversee the program and handle the administrative tasks.
AidKit will design the application website, offer applicant assistance, review applications, and make the $1,000 payments.
If necessary, the two organizations will choose applicants through a lottery system.
POSITIVE CHANGE
Last September, Cook County Commissioner Bridget Gainer held a public hearing to discuss the negative impact of rising property taxes on homeowners.
“As we’ve met with over a thousand homeowners during the last few years to assist with property taxes, we’ve heard firsthand the need for a lifeline,” Gainer told me.
“Property taxes are rising faster than homeowners’ ability to pay, forcing them to leave neighborhoods they love and undermining homeownership, the best way to build wealth.
“I’m proud of the work we’ve done to launch the Homeowner Relief Fund and provide much-needed relief in the short term, while we seek solutions for sustainable property tax relief in Springfield.”
A month after the hearing, the County Board approved the $15 million financial aid program.
The Cook County Homeowner Relief Fund was then included in the County’s budget for the current year, which was approved in November.
Although homeowners in Illinois face high property taxes, a new program in the state is providing $500 monthly checks for a year with no strings attached.
Meanwhile, homeowners in another state will save $1,000s under a new law that eliminates a “despised” annual fee – it will eliminate “rent payment to the gov.”
