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Penalty For Improper Exemptions

Under a new law (35 ILCS 200/9-275), the Cook County Assessor is hunting for homeowners who are claiming property tax exemptions for which they do not qualify.  The consequences can include repayment of up to 6 years of unpaid tax, plus 10% interest per year plus a penalty of 50% of the total unpaid tax. Moreover, the Assessor is authorized to record liens against real estate if the homeowner does not pay as required. 

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