What is the Difference Between Owning Real estate as Joint Tenants, Tenants by the Entirety and Tenants in Common?
What Exemptions for the Payment of Real Estate Taxes Exist for Residential Real Estate in Cook County?
There are four exemptions, three of which are actually reductions, for real estate taxes for residential real estate in Cook County. These exemptions are the general homestead exemption, the senior citizen’s homestead exemption, the homestead improvement exemption and the senior citizen’s assessment freeze exemption. In actuality, the first three mentioned exemptions are not really exemptions in the sense that you do not pay real estates. Rather, the general homestead exemption, the senior citizen’s homestead exemption and the homestead improvement exemption each provide a separate reduction in the real estate tax bill for your home, if you live in Cook County and qualify for the particular exemption. The senior citizen’s freeze exemption “freezes” the assessed value of your home. It is important to note that all of these exemptions, except the home improvement exemption, are available to you only if live in the property, as of a certain date, for which you are seeking the exemption.