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from Local Attorney, Michael H. Wasserman

Monday, January 28, 2008

Even PROPERTY TAX RELIEF FOR (most) HOMEOWNERS !

All Illinois homeowners will be eligible for at least some property tax relief with regard to their qualifying principal residences, as part a new law, passed in October, 2007.

The GENERAL HOMESTEAD Exemption is granted to properties that are the owners’ principal residence. The exemption reduces a property’s “Equalized Assessed Value” (EAV), one of the three critical data points used in calculating tax bills (together with the local tax rate and state equalization factors).

Effective with the 2008 tax year (payable in 2009) the maximum homestead exemption will rise from $5,000 to $5,500. In 2009 (payable in 2010) the maximum will increase to $6,000.