This exemption provides property tax savings with an annual reduction in the equalized assessed value of a property. Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence.The BOR accepts exemption applications for approximately 30 days, four times each year. Join us for a workshop to learn about the Cook County Assessor's Office and homeowner exemptions. If you qualify for an exemption, it allows you to lower your EAV. This would result in a lower property tax bill for you. The Treasurer sends out tax bills and collects and distributes funds for all Lake County taxing districts.