What is a Real Estate Tax Exemption?

Written By Michael Bradt

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.

Michael Bradt

Michael has been entertaining folks since birth, but formally as an improviser, comedian, actor, and instructor in the Chicago and northern Indiana area since the late ‘90s. He has attended classes and workshops at iO and Second City, and has trained under countless comedians in the Chicago area. He has produced, directed, and performed in thousands of comedy shows. In his youth, he won a stand-up competition organized by Dave Odd Productions by having more friends than any of the other comedians, which was the greatest win of all. Once, he heckled David Spade on the floor of a Vegas casino until Spade escorted himself out. Michael earned a B.S. in biochemistry a LONG time ago. He taught high school biology, chemistry, and physics before going back to law school and earning his J.D. (also, a LONG time ago). While he moonlights as a comedian, his day job is real estate law. After his first foray into owning an improv theater and teaching studio in the mid-2010s, Michael and his wife and scene partner Kelsey opened The Bit in 2021 with the intention of providing a welcoming, inclusive community where creative people can create. Since opening The Bit, he has taught hundreds of students and helped them along their improv journey.

https://bitimprov.com
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