An Illinois licensee is advising a senior homeowner about the Senior Citizens Homestead Exemption. The homeowner asks whether the maximum reduction in equalized assessed value (EAV) is the same in every Illinois county. What is the correct answer under current Illinois law?
Correct Answer
A) No. The maximum EAV reduction is $8,000 in Cook County and counties contiguous to Cook, and $5,000 in all other Illinois counties.
Under 35 ILCS 200/15-170, the Senior Citizens Homestead Exemption provides a maximum EAV reduction of $8,000 in Cook County and in counties that are contiguous (directly bordering) to Cook County, and $5,000 in all remaining Illinois counties. The geographic split reflects the generally higher assessed values in the Chicago metropolitan area and was established by the Illinois General Assembly to provide proportionally meaningful relief to seniors in high-value markets.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
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