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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 Longtime Homeowner Exemption enables property owners to receive an expanded Homeowner Exemption with no maximum exemption amount. Of the 1.5 million residential properties in Cook County, fewer than two percent qualified for the Longtime Occupant Homeowner Exemption last year.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000. EAV is the partial value of a property used to calculate tax bills.
The Cook County Assessors Office automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000. EAV is the partial value of a property used to calculate tax bills.
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Most senior homeowners are eligible for this exemption if they are 65 years of age or older and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessors Office automatically renews it for you each year.
The Senior Exemption property tax savings each year is $8,000 in Equalized Assessed Value (EAV).
Whos eligible for a property tax exemption in Illinois? Own or lease a house in the state, live in it as their principal residence and are responsible for paying taxes on the property. Have a disability. Are disabled veterans who have used federal funds to adapt their home to accommodate their disability.
Seniors receiving the Senior Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately. How are Senior Exemption savings calculated? The Senior Exemption reduces the Equalized Assessed Value (EAV) of a property by $8,000.
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.

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