| Residential
Homestead Exemption - Eligibility and Application Process
(35 ILCS 200/15-175)
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| To Qualify: |
1) Property must be owner
occupied
2) If tenant occupied, tenant must be responsible for paying property
taxes
3) Property must be a residential single family home, town home, or
condominium |
| Documents Needed: |
a) None for owner occupied
properties
b) If tenant-occupied, copy of lease showing tenant is responsible for paying property
taxes |
| Process: |
When a qualified residential
property is completed and occupied, our office automatically
processes that property to receive the residential homestead exemption.
No action is required of
the property owner. Once granted, the exemption renews automatically
each year. |
| Effect: |
The Residential Homestead Exemption exempts $5,000(for 2007), $5,500(for 2008), $6,000(for 2009)
of assessed value. This translates into an approximate potential tax savings of $250.00 to $450.00
depending upon the local tax rates where the property is located.
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| Questions ?: |
Call our Taxpayers Service
Department at 630-529-6927 |
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