Homestead Exemptions

<div class="body"><h4>General Homestead Exemption</h4><p>The General Homestead Exemption aka the Homeowners Exemption is available for residential property that is occupied by its owner(s) as their principal dwelling, or a lease whom is liable for the payment of property taxes. (35 ILCS 200/15-175)</p><p>The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County and $6,000 in all other counties.</p><h4>Senior Citizens Homestead Exemption</h4><p>The Senior Citizen Exemption is available for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes. (35 ILCS 200/15-170)</p><p>The maximum amount of the reduction in equalized assessed value is $8,000 for counties with 3,000,000 or more inhabitants (i.e. Cook County) or $5,000 in all other counties.</p><h4>Senior Citizens Assessment Freeze Homestead Exemption</h4><p>You qualify for this exemption if;</p><ul><li>you are at least 65 years old;</li><li>Total household income is $65,000 or less.</li></ul><p>This exemption “freezes” your property’s equalized assessed value the year that you qualify for the exemption. Your property’s equalized assessed value does not increase as long as you qualify for the exemption, although your tax bill may still change as tax rates and state equalizer numbers vary yearly.</p><h4>Long-Time Occupant Homestead Exemption</h4><p>The Long-Time Occupant Exemption is a Cook County exemption for property owners who occupy their primary residence for a continuous period and have a total household income of $100,000 or less are eligible for this exemption.</p><p>The property must be occupied for 10 continuous years or 5 continuous years if the person receives assistance to acquire the property as part of a government or non-profit housing program. This exemption limits equalized assessed value increases to a specific annual percentage increase that is based on a maximum total household income.</p><h4>Homestead Improvement Exemption</h4><p>This exemption is applied automated based off building permits and doesn’t not require an annual application.</p><p>This exemption is limited to the fair cash value up to an annual maximum of $75,000 (or $25,000 in assessed value, which is 33 1/3 percent of fair cash value), that was added to homestead property by any new improvement (e.g., remodeling, adding a new room) or rebuilding after a catastrophic event, and continues for four years from the date the improvement or rebuilding is completed and occupied.</p><h4>Homestead Exemption for Persons with Disabilities</h4><p>This exemption is an annual $2,000 reduction in equalized assessed value of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes. The applicant must provide proof of disability.</p><h4>Returning Veterans’ Homestead Exemption</h4><p>This exemption is a $5,000 reduction in equalized assessed value on the principal residence of a veteran upon returning from active duty in an armed conflict involving the armed forces of the United States. A returning veteran is eligible to receive the exemption the tax year and the following year that the veteran returns home from active duty in an armed conflict involving the U.S. armed forces.</p><h4>Erroneous Homestead Exemptions</h4><p>If the chief county assessment officer discovers an erroneous homestead exemption has been granted, the chief county assessment officer may consider the exempt portion as omitted property for that taxable year only, to recover the portion of unpaid property taxes.</p><p>In Cook County, the county assessor may record a tax lien against the property that was granted the erroneous homestead exemption. The property owner or taxpayer may be responsible for any back taxes owed due to an erroneous homestead exemption.(35 ILCS 200/9-265 and 9-275)</p></div>