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Updated almost 4 years ago on . Most recent reply

User Stats

29
Posts
18
Votes
Steve Hyzny
  • Investor
  • cedar lake, IN
18
Votes |
29
Posts

IL property tax and home owners discount for tenant with lease

Steve Hyzny
  • Investor
  • cedar lake, IN
Posted

I'm checking to see about anyone who is looking at IL property taxes.

Under Eligibility is the line

"Either own or have a lease or contract which makes you responsible for the real estate taxes of the residential property"

So with a long term tenant is there a way in a lease to file for the exemption? 

Homeowner Exemption provides property tax savings by reducing the equalized assessed value of an eligible property. Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence. Once the exemption is applied, the Assessor’s Office auto-renews it for you each year.

Automatic Renewal: Yes, this exemption automatically renews each year.
Due Date For New Applicants: March 31, 2021

How can a homeowner see which exemptions were applied to their home last year?
Check the website, then review the Exemption History and Status section.

📌 Reminder: Exemptions appear on your second installment tax bill issued in the summer. To learn more about how the property tax system works, click here.

Eligibility

  1. Either own or have a lease or contract which makes you responsible for the real estate taxes of the residential property
  2. Occupy the property as your principal place of residence on January 1, 2020.
    • This exemption will be prorated if you purchased a newly constructed home that was not ready for occupancy until sometime after January 1 of the tax year in question. For further assistance regarding a newly constructed home, please contact us.
  • Steve Hyzny
  • Loading replies...