Owner Occupied Peoria, IL

[Nick Talarico]

Hello, 

I have a question about zoning. We are offering on a property and it came back that the owner marked it as Residential Owner Occupied instead of tenant occupied. As the potential new buyer why does this matter? I don't live in the area and haven't come across this. Does it need to be rezoned as we wont be living in the property? IF so how does that work and what is the cost typically?

[Tracy Morris]

@Nick Talarico

In Illinois, we also have homestead exemptions. Here's a blurb from the IL Gov website:

This annual exemption is available for residential property that is occupied by its owner or owners as his or their principal dwelling place, or that is a leasehold interest on which a single family residence is situated, which is occupied as a residence by a person who has an ownership interest therein, legal or equitable or as a lessee, and on which the person is liable for the payment of property taxes. (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County and $6,000 in all other counties.