What Is A Homeowner's Exemption?

If you own a home, you may be eligible for a homeowner's exemption, which is a tax break offered in some states, including Illinois. This exemption can help reduce the amount of property taxes that you have to pay each year, potentially saving you hundreds of dollars.

So, what exactly is a homeowner's exemption? Essentially, it is a deduction that lowers the assessed value of your property, which in turn reduces the amount of property taxes that you have to pay. In Illinois, for example, the homeowner's exemption lowers the assessed value of a property by $10,000. This means that if your home is assessed at $200,000, the exemption would reduce the assessed value to $190,000, which would result in lower property taxes.

To be eligible for a homeowner's exemption, you must meet certain criteria. Generally, you must use the property as your primary residence and not as a rental or vacation home. You may also need to provide proof of residency, such as a driver's license or utility bill.

It's important to note that the homeowner's exemption is not automatic - you must apply for it each year. The application process typically involves filling out a form and submitting it to your local county assessor's office. The deadline for submitting the application is usually in the spring or early summer, so make sure to check with your county assessor's office for specific dates.

If you're a homeowner in Illinois, applying for a homeowner's exemption is a simple way to save money on your property taxes each year. It's just one of the many ways that you can make homeownership more affordable and enjoyable.

To learn more about the homeowner's exemption and other ways to save money on your property taxes, contact Jason Rosenberg Real Estate. Our team of experienced real estate professionals can provide guidance and support throughout the entire home buying and selling process.