Homestead Exemption With Multiple Owners In Chicago
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The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000. EAV is the partial value of a property used to calculate tax bills.
The Illinois homestead exemption allows homeowners to exempt up to $15,000 of equity ($30,000 for married couples) from collection attempts from creditors, potentially preventing the seizure, foreclosure, and sale of their home.
General Homestead Exemption: is given to owner-occupied residential property, the exemption has a maximum reduction of $6,000 in assessed valuation. Make sure this exemption appears on your tax bill if this is your permanent residence.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000. EAV is the partial value of a property used to calculate tax bills.
General Homestead Exemption (GHE) (35 ILCS 200/15-175) 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, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.
This annual 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 on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a ...
Taxpayers are only entitled to one homestead exemption on their primary residence for any given tax year. If you received a notice of discovery for your primary residence, please contact the Assessor's Office if you have not already done so.
Cook County homeowners may reduce their tax bills by hundreds or even thousands of dollars a year by taking advantage of the Homeowner Exemption. Exemptions reduce the Equalized Assessed Value (EAV) of your home, which is multiplied by the tax rate to determine your tax bill.
