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Homestead
Homeowner
Exemptions
What’s a Homestead Exemption?
In short, a Homestead Exemption is a property tax benefit that saves homeowners a bunch of money.
Homestead Exemptions are factors in the property tax calculation that provide tax relief by reducing the equalized assessed valuation (EAV) of eligible residences. Property taxpayer savings are equal to the reduction in equalized assessed value multiplied by the tax rate.
There are many types of tax exemptions with many different eligibility requirements.
Most Popular Homestead Exemptions:
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General Homestead Exemption, commonly known in Cook County, IL, as the “Homeowners Exemption”
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Senior Citizens Homestead Exemption, commonly known in Cook County, IL as the “Senior Citizens Exemption”
Homeowners Exemption
How Much Does the Homeowners Exemption Save in Cook County?
For the 2018, 2019, 2020, and 2021 property tax years, Homeowners Exemption savings are equal to $10,000 multiplied by the homeowner's property tax rate. The exemption is prorated for newly constructed homes that are not ready for occupancy until sometime after January 1.
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2018 Homeowners Exemption Savings Amount: $595 – $3,643
What are the Eligibility Requirements for the Homeowners Exemption in Cook County, IL?
You qualify for the Homeowners Exemption if you:
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Live in the property as of January 1 of the property tax year;
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Use the property as your principal dwelling place; and
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Assume legal responsibility to pay the property taxes.
Report Highlights
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Over 62,000 Cook County homeowners that qualify for the General Homestead Exemption are not claiming it, collectively missing out on more than $43.3 million dollars in 2016 property tax savings.
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In the 2016 property tax year, about 7.06% of owner occupants in areas with a household income below the Cook County median of $55,251 are missing the Homeowners Exemption, while only about 3.63% of owner occupants in areas with a household income greater than the Cook County median are missing the Homeowners Exemption.
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Homeowners who incorrectly did not receive the Homeowner Exemption are entitled to a collective refund from Cook County, IL, totaling around $206.3 million for overpaid property tax in years 2013, 2014, 2015, and 2016, if corrected in the period August 2017 through December 2017.
Senior Citizens Exemption
How Much Does the Senior Citizens Exemption Save in Cook County?
For the 2018, 2019, 2020, and 2021 property tax years, Senior Citizens Exemption savings are equal to $8,000 multiplied by the property tax rate. For senior citizens that move into a property during a property tax year, the exemption is prorated based on time of occupancy.
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2018 Senior Citizens Exemption Savings Amount: $476 – $2,915
What are the Eligibility Requirements for the Senior Citizens Exemption in Cook County, IL?
You qualify for the Homeowners Exemption if you:
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Live in the property as of January 1 of the tax year;
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Are at least 65 years old at some point in the property tax year;
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Use the property as your principal dwelling place; and
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Assume legal responsibility to pay the property taxes.
Report Highlights
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Over 35,000 Cook County homeowners that qualify for the Senior Citizens Homestead Exemption are not claiming it, collectively missing out on more than $17.5 million dollars in 2016 property tax savings.
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In the 2016 property tax year, about 17.60% of owner occupants in areas with a household income below the Cook County median of $55,251 are missing the Senior Citizens Exemption, while only about 3.67% of owner occupants in areas with a household income greater than the Cook County median are missing the Senior Citizens Exemption.
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Homeowners who incorrectly did not receive the Senior Citizens Exemption are entitled to a collective refund from Cook County, IL, totaling around $72.8 million for overpaid property tax in years 2013, 2014, 2015, and 2016, if corrected in the period August 2017 through December 2017.
Many Homeowners Don't Know These Simple Ways to Cut Their Property Tax Bill
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WGNTV.com | Posted 10:33 PM, November 5, 2018, by Marcus Leshock