The Homeowner Exemption — the Illinois general homestead exemption — removes $10,000 of equalized assessed value from the home you live in, before the tax rate is applied. It is the most common exemption in Cook County and the one most owners already have.
Who qualifies
- You own the property, or hold a legal or equitable interest in it.
- It is your principal residence — not a rental, not a second home.
- You occupied it on January 1 of the tax year.
What it is worth
$10,000 of equalized value is not $10,000 off the bill. What it saves depends on your local tax rate: in a township taxed near 7% it is roughly $700 a year, and in one near 13% closer to $1,300. Our table of 2025 rates by township shows where yours falls, and the calculator runs your own parcel's numbers.
If it is missing from your bill
In Cook County the Homeowner Exemption renews automatically once granted, so the usual reason it disappears is a change of ownership — buyers often go a year without it. You are not stuck with that: a Certificate of Error can recover it for tax years 2021 through 2025, as a refund check from the Treasurer.
The other exemptions
Seniors can hold the Senior Exemption ($8,000 of equalized value) on top of this one, and a lower-income senior may also qualify for the Senior Freeze. Exemptions lower the taxable value; an appeal lowers the assessment itself, and the two are independent — you can do both.