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Updated over 1 year ago on . Most recent reply

User Stats

92
Posts
12
Votes
Anthony Hornbeck
  • Engineer
  • Savoy, IL
12
Votes |
92
Posts

Illinois Homestead Act - Property Tax Section in Lease - Champaign

Anthony Hornbeck
  • Engineer
  • Savoy, IL
Posted

Hey BP-ers,

I tend to have tenants express concerns over the property Tax portion of my lease. 

Does anyone in Illinois want to take a stab at explaining this section in clear language? 

Is there a better way to word this section of the lease?
What do you guys have in your leases pertaining to the Illinois Homestead Act in order to take full advantage of tax exemptions?
Chopped from my lease:
"REAL ESTATE TAXES: (Single Family Homes only)

Tenant shall be liable for the payment of real estate taxes with respect to the residence. The permanent real estate number (PIN) for this property is XX-XX-XX-XXX-XXX . Tenant shall be deemed to satisfy the liability for such real estate taxes through the monthly rent payments set forth. Tenant acknowledges that Owner or his representative, has explained terms of Illinois Homestead Act with regard to real estate taxes and Tenant understands said taxes are being paid by and through the monthly rental fees alone, and Tenant does not pay said real estate taxes other than through monthly rent."

Thanks!

Champaign. Urbana, Decatur, Peoria area guys, if you have a sec, I'd love to hear from you.

@Steven Hamilton II - Perhaps you'd have some input.

(Can somebody tag him for me? - Thanks!)

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