Transfer Of TitleTaxesMEDIUM
The Illinois Homeowner Exemption reduces the assessed value of owner-occupied property by:
Correct Answer
D) Up to $10,000 in Cook County, $6,000 elsewhere
The Illinois Homeowner Exemption reduces assessed value by up to $10,000 in Cook County and up to $6,000 in other counties.
Answer Options
A
$6,000B
$10,000C
$15,000D
Up to $10,000 in Cook County, $6,000 elsewhereAudio Lesson3 min
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Related Topics & Key Terms
Related Topics:
property-tax-assessment-processillinois-property-tax-calculationhomestead-exemption-vs-homeowner-exemption
Key Terms:
Homeowner ExemptionGeneral Homestead ExemptionCook Countyassessed value reduction35 ILCS 200/15-175
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
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