Under Illinois law, does the Senior Citizens Homestead Exemption apply the same maximum EAV reduction in every county?
Correct Answer
D) No. The maximum reduction in EAV is $8,000 in Cook County and counties contiguous to Cook County, and $5,000 in all other Illinois counties.
Under 35 ILCS 200/15-170, the Senior Citizens Homestead Exemption provides a maximum reduction in equalized assessed value (EAV) of $8,000 for qualifying properties located in Cook County and in counties that are contiguous (directly bordering) to Cook County. For qualifying properties in all remaining Illinois counties, the maximum EAV reduction is $5,000. This geographic distinction reflects a legislative recognition that property values and corresponding tax burdens are generally higher in the Chicago metropolitan area, warranting a larger exemption for senior homeowners in that region.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
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