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What is the Illinois homestead exemption and who qualifies?

The Illinois Homestead (Homeowner) Exemption reduces the taxable equalized assessed value (EAV) of your primary residence, lowering your bill. Requirements: you own the property, it's your principal residence, and you occupied it on January 1 of the tax year. Apply through the Cook County Assessor (often automatic for owner-occupied homes). Related: Senior, Senior Freeze, Disabled Persons, and Disabled Veterans exemptions.

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