35 ILCS 200/15-175
Qualifications
- Own and occupy the property as a principle residence or;
- Occupy the property as a principle residence and you have an equitable legal estate and are responsible for the payment of the real estate taxes.
Application Process
- In most cases, the Township Assessor will automatically grant the exemption on behalf of the taxpayer without requiring a formal application. If you have any questions about your exemption status, please contact your Township Assessor.
Renewal Process
- It is typically facilitated by your Township Assessor automatically.
Benefit
- This Homestead Exemption reduces the net taxable assessed value by a maximum of $5,000 (2007 pay 2008 assessment year).
- For 2008, the maximum deduction increases to $5,500 and in 2009, this deduction has a maximum amount of $6,000.
- The actual tax savings is dependent on the applicable tax rate.
- Typical savings for 2009 pay 2010 is about $343.
