Under the Illinois Senior Citizens Homestead Exemption, what is the maximum reduction in Equalized Assessed Value (EAV) available to qualifying homeowners?
Correct Answer
A) $8,000 in Cook County and counties contiguous to Cook County; $5,000 in all other Illinois counties.
Option A is correct. Under 35 ILCS 200/15-170, the Senior Citizens Homestead Exemption provides a maximum EAV reduction of $8,000 for properties in Cook County and counties contiguous to Cook County (such as DuPage, Lake, Kane, McHenry, and Will), and $5,000 for properties in all remaining Illinois counties. This geographic distinction reflects the higher assessed values typical in the Chicago metropolitan area.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Recording is the act of placing a document in the public records at the county recorder's office to give constructive notice to the world of an interest in real property. Recording protects the holder's interest against subsequent claims.
A special warranty deed guarantees that the grantor has not caused any title defects during their period of ownership, but does not warrant against defects that existed before the grantor acquired the property.
Title insurance is a policy that protects the insured party against financial loss from defects in title that were not discovered during the title search. Unlike other insurance, it covers past events rather than future risks.
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- → For an Illinois residence to receive a homestead exemption in a particular assessment year, what reference date must be used to test qualification?
- → In Mississippi, real estate documents are recorded with which official?
- → Wyoming has:
- → Massachusetts property taxes are assessed by:
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- → NM uses __________ recording system.
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