Exemption Form Homestead With Multiple Owners In Illinois
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FAQ
Multi-Property Owners: If you own multiple properties that you live in, you are only entitled to receive homestead exemptions on your primary place of residence. This also applies to out of state properties (ex. a second home in Florida).
The Home Improvement Exemption allows a homeowner to add improvements to their home that add to its value (for example, by increasing the building's square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years. No application is required.
General Homestead Exemption (General or Homestead Exemption) 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 $6,000. The General Homestead Exemption is granted automatically in most cases.
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 ...
How do I apply? If you have never received a Homeowner Exemption on your home, you will need to file an initial application. Exemption forms may be filed online, or you can obtain one by calling one of the Assessor's Office locations or your local township assessor.
The redemption period may range from 6 to 36 months, depending on when the tax certificate was issued, the property type, and whether there is an extension. For tax certificates issued on or after January 1, 2024, most redemption periods are 30 months from the date of the tax sale.
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.
The Owner Occupied Exemption reduces the assessment up to a maximum of $6,000 above the base year assessment. The Owner must live in the dwelling. No application is required. There is no age or income requirement.
Senior Citizens Homestead Exemption The maximum amount of the reduction in equalized assessed value is $8,000 in Cook County and counties contiguous to Cook County or $5,000 in all other counties.
