What is a Real Estate Tax Exemption?

You may be entitled to tax exemptions on your home. This means that the amount of your home's assessed value will be reduced if you qualify for the exemption, and your property taxes will be reduced accordingly. The major types of homeowner exemptions are as follows:

General Homestead Exemption
Residential property owned and occupied by you as your principal residence, OR Residential property that you lease as your principal residence AND you are responsible in the lease for payment of the real estate taxes

Senior Citizens Homestead Exemption
You meet the qualifications of the General Homestead Exemption, AND You were 65 years of age or older on January 1 of the year in which you are seeking the exemption

Counties in the Chicagoland area have different standards of how the exemptions are applied, but a general rule of thumb is to make sure you apply for the general homestead exemption if your property is located in Cook County. If you did not receive an exemption to which you were entitled, you can file a certificate of error to retroactively have the exemption applied. That may amount to money coming back to you!

​In addition, there are several other exemptions available, including but not limited to those for veterans, disabled persons, and victims of natural disasters. If you have any questions about exemptions, tax appeals, or corrections to prior years' tax bills, please don't hesitate to contact me.