If you’re a homeowner, it’s never too early to start looking into what property exemptions you may qualify for. If you’ve never looked into homeowner exemptions before, you might be wondering which homeowners qualify for property tax exemptions and if they’re one of those homeowners. Well, homeowner tax exemptions are designed to help and protect eligible homeowners by completely negating a specific portion of their property taxes. Homeowners who may qualify for an exemption could be elderly, a veteran, have a disability, or qualify for a general homeowner exemption. You can qualify for multiple homeowner exemptions at once, depending on your specific situation.
So, What Are The Exemptions?
Homeowner Exemption
The Homeowner Exemption is perhaps the easiest exemption to qualify for. The exemption applies to homeowners if the property in question is their primary residence. Renewal: This exemption automatically renews each year.
Senior Exemption
The Senior Exemption applies to most homeowners who are 65 years or older. Renewal: This exemption automatically renews each year. Newly qualified seniors have to file their initial applications this year for the exemption to be effective.
Senior Freeze Exemption
This Senior Freeze Exemption applies to seniors who have an annual household income of $65,000 or less. Renewal: This exemption must be filed each year.
Persons with Disabilities Exemption
The Persons with Disabilities Exemption applies to individuals with disabilities. They required additional documentation for proof of disability for the application. Renewal: This exemption must be filed each year.
Returning Veterans Exemption
The Returning Veterans Exemption applies to Veterans who are returning from active duty in armed combat. Renewal: This exemption must be filed each year.
Veterans with Disabilities Exemption
The Veterans with Disabilities Exemption is for Veterans who have a service-connected disability that has been certified by the U.S. Department of Veterans Affairs. As with the Persons with Disabilities Exemption, there is additional required documentation for application. Renewal: This exemption must be filed each year.
How To Apply For Exemptions:
Applying for each property tax exemption is relatively simple. Each exemption can be applied for online, through the Cook County Assessor’s website. Certain exemptions, like the Persons with Disabilities and Veterans with Disabilities, require additional documentation. More information about applying, with links to each type of exemption, can be found on the Cook County Assessor’s Office website.
In Conclusion
Now that you’re armed with the knowledge of which Homeowner Exemption programs you can qualify for, we hope that you take advantage of these programs to save big on your upcoming annual property taxes. If this all still seems a little new to you and you want additional help with this process, then feel free to contact me directly! You can reach out to me here via phone or email.
And, if you’re ever in need of additional homeowner tips, then keep an eye out on our blog. We release monthly homeowner tips as blog posts that are full of useful homeowner information and tips from our network of trusted real estate professionals and advisers.
About Gerardo Zavala, Realtor
There is a true passion for connecting people with real estate that makes me fall in love with my career over and over again. While my title says, REALTOR® I think I am much more than that. For example, I am present and actively listening to my client’s needs, on the spot when things are urgent, and by your side to say “congratulations.” Most of my clients will say that I am a connection away from support no matter the situation, day, or time. In my opinion, customer service, educating the client on progress and next steps, and overall satisfaction are my top priorities. How can I help you?
