Homestead Exemption For Illinois In Montgomery
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FAQ
Homestead Improvement Exemption In Cook County, an application must be filed with the County Assessor along with a valuation complaint. For information and to apply, contact the Cook County Assessor's Office; all other counties contact the Chief County Assessment Office.
In Cook County, this exemption is worth an $8,000 reduction on your home's EAV. This is in addition to the $10,000 Homestead Exemption. So, a senior citizen in Cook County can receive an $18,000 reduction on their EAV. In all other counties, the maximum exemption remains at $5,000 through the taxable year 2022.
Homestead Rights Overview: Homestead rights prevent one spouse from unilaterally selling or refinancing the family home without the other spouse's consent. These rights apply regardless of whose name is on the title or mortgage and serve to protect the non-titled spouse's interest in the property.
It includes any surrounding property that is not separated from the home by someone else's property. When a person with homestead property is in a nursing home or a supportive living facility, the property remains exempt as a homestead if the person says it is their homestead and intends to return to it.
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.
You may be eligible if: The property was your principal place of residence on January 1, 2022 and January 1, 2023. The Total Household Income at this property was $65,000 or less in income tax year 2022.
Senior Freeze Exemption Applications are available to download, print, and mail on our website, and are available in Assessor Office locations. You must file each year in order to continue to receive the Senior Freeze Exemption and the requirements must be met each year.
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 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.
