The Homestead Exemption in Illinois
Who qualifies for the Illinois homestead property tax exemption, how much it saves, and how and when to apply.
Short answer: General Homestead Exemption: for residential property occupied by its owner(s) as a principal dwelling place (and certain single-family leaseholds where the occupant is liable for the taxes), the exemption equals the increase in the current equalized assessed value (EAV) over the 1977… Illinois Department of Revenue, Property Tax Relief (homestead exemptions)
| Homestead exemption | General Homestead Exemption: for residential property occupied by its owner(s) as a principal dwelling place (and certain single-family leaseholds where the occupant is liable for the taxes), the exemption equals the increase in the current equalized assessed value (EAV) over the 1977 EAV, up to $10,000 in Cook County, $8,000 in counties contiguous to Cook, and $6,000 in all other counties. A Homestead Improvement Exemption also exempts up to $75,000 of fair cash value added by a new improvement or rebuilding after a catastrophic event, for four years. |
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| How to apply | Homestead exemptions are handled by the Chief County Assessment Office (in Cook County, the Cook County Assessor's Office). Depending on the county, some exemptions are granted automatically and others require state forms, such as PTAX-324/PTAX-329 (senior homestead), PTAX-340 (senior assessment freeze, filed every year), PTAX-343 and PTAX-343-R (persons with disabilities, renewed annually), PTAX-341 (returning veterans), PTAX-342 (veteran surviving spouse) and PTAX-323 (home improvement). The senior tax deferral is filed with the County Treasurer on Forms IL-1017 and IL-1018. |
More Illinois property tax & homestead exemptions
- Senior, Veteran and Disability Property Tax Relief in Illinois
- All Illinois property tax & homestead exemptions rules
FAQ
What is the homestead exemption in Illinois?
General Homestead Exemption: for residential property occupied by its owner(s) as a principal dwelling place (and certain single-family leaseholds where the occupant is liable for the taxes), the exemption equals the increase in the current equalized assessed value (EAV) over the 1977 EAV, up to $10,000 in Cook County, $8,000 in counties contiguous to Cook, and $6,000 in all other counties. A Homestead Improvement Exemption also exempts up to $75,000 of fair cash value added by a new improvement or rebuilding after a catastrophic event, for four years.
How do you apply for a homestead exemption in Illinois?
Homestead exemptions are handled by the Chief County Assessment Office (in Cook County, the Cook County Assessor's Office). Depending on the county, some exemptions are granted automatically and others require state forms, such as PTAX-324/PTAX-329 (senior homestead), PTAX-340 (senior assessment freeze, filed every year), PTAX-343 and PTAX-343-R (persons with disabilities, renewed annually), PTAX-341 (returning veterans), PTAX-342 (veteran surviving spouse) and PTAX-323 (home improvement). The senior tax deferral is filed with the County Treasurer on Forms IL-1017 and IL-1018.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.