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Homeowner's Exemption

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ChiTownGirl

Junior Member
Chicago, IL (Cook County)

I am about to close on a condo and have found out that the seller never applied for the Homeowner's Exemption.

On the Cook County Assessor & Treasurer's web-sites, there is contradictory information regarding who can apply & receive this benefit. On one area of the site, it states, "First-time applicants must have been the occupant of the property as of January 1 of the tax year in question." In other areas, it states, "To qualify for the Homeowner's Exemption for the 2006 taxes due in 2007, the owner or prior owner needs to have been the occupant of the residential property (six units or less) since Jan. 1, 2006."

The application and certificates of error have you sign confirming that, "this property was occupied by it's current or previous owner as a principal residence as of January 1 of said Certificate of Error year"." This reads to me that the tax benefits follow the property, not the owner and that I could apply even though I was not the resident at that time.

I certainly do not want to do anything illegal, but if I am entitled to this benefit, I would take advantage of it, especially since my taxes just went from 3K to 5K.
 
Last edited:


efflandt

Senior Member
Are you certain that it was occupied by the seller as their principal residence (and they were just ignorant), or was it a secondary residence or investment property (rental)? If you submit that form, make sure that what you sign is true (it does say current or previous owner). It looks like the homestead exemption could make a difference in Cook County where it has been bumped from $5000 to $20,000 of Equalized Assessed Value (EAV is about 1/3rd of actual value). In Kane County we only get a $5000 homestead exemption.

Which ever way it goes, make sure you get credit from seller for the portion of 2007 tax through closing date, due in 2008.
 

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