The Illinois Owner Occupancy affidavit is a document that is required for all residential real estate transactions in the state of Illinois. It is used to verify that the buyer of the property intends to occupy the property as their primary residence. The affidavit is signed and dated by the buyer and seller and, if applicable, their attorney, and must be filed with the county recorder of deeds in the county where the property is located. There are two types of Illinois Owner Occupancy affidavit: the Owner Occupancy Affidavit for Newly Constructed Property, and the Owner Occupancy Affidavit for Existing Property. The Owner Occupancy Affidavit for Newly Constructed Property is used when the property is newly constructed and has never been occupied. The Owner Occupancy Affidavit for Existing Property is used when the property has been previously occupied. Both forms are required to be completed and filed with the county in order for the sale to be legally binding.
Illinois Owner Occupancy affidavit
Description
How to fill out Illinois Owner Occupancy Affidavit?
Engaging with legal documentation necessitates focus, accuracy, and utilizing properly drafted templates. US Legal Forms has been assisting individuals across the country in doing precisely that for 25 years, so when you select your Illinois Owner Occupancy affidavit template from our platform, you can be confident it adheres to federal and state laws.
Interacting with our service is straightforward and quick. To obtain the required document, all you need is an account with an active subscription. Here’s a concise guide for you to secure your Illinois Owner Occupancy affidavit in just minutes.
All documents are designed for multiple uses, like the Illinois Owner Occupancy affidavit you see on this page. If you need them again, you can complete them without additional payment - simply access the My documents tab in your profile and finalize your document whenever necessary. Test US Legal Forms and manage your business and personal paperwork quickly and in full legal accordance!
- Ensure to thoroughly review the form content and its alignment with general and legal stipulations by previewing it or reading its description.
- Look for an alternative official template if the one you opened doesn’t match your circumstances or state regulations (the option for that is located on the top corner of the webpage).
- Log in to your account and download the Illinois Owner Occupancy affidavit in the format you prefer. If it’s your initial visit to our website, click Buy now to proceed.
- Create an account, choose your subscription plan, and complete the payment using your credit card or PayPal.
- Select the format you wish to save your form in and click Download. Print the template or incorporate it into a professional PDF editor for a paper-free preparation.
Form popularity
FAQ
In Illinois, several groups can qualify for tax-exempt status, including non-profit organizations and certain senior citizens. However, homeowners must confirm their eligibility through documentation, often necessitating the use of an Illinois Owner Occupancy affidavit. Fulfilling these requirements can provide significant financial relief, which is essential for maintaining a sustainable mortgage or rent payment.
A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property. This does not automatically freeze the amount of their tax bill, only the EAV remains at the fixed amount. Tax rates may change and thus alter a tax bill.
Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1957 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.
The Senior Exemption property tax savings each year is $8,000 in Equalized Assessed Value (EAV).
Property tax savings from a Homeowner Exemption are calculated by multiplying the Homeowner Exemption amount of EAV reduction ($10,000) by your local tax rate. Property tax savings from a Senior Exemption is calculated by multiplying the Senior Exemption amount of EAV reduction ($8,000) by your local tax rate.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.
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.
Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.
For residential property owners, the assessed value equals 10% of the fair market value of the home. For most commercial property owners, the assessed value is 25% of the fair market value.