Fill out an application in the Cook County Treasurer's Office or download the form for this program under "Forms" and "Third Party Notification. Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence.What are the requirements for the Homestead Exemption for Persons with Disabilities? Homestead rights frequently present a threat to the marketability of residential property. To be clear, Illinois' homestead laws do not prevent the sale or allocation of a home during a divorce proceeding. A property tax exemption is like a discount applied to your EAV. If you qualify for an exemption, it allows you to lower your EAV. Line 10s, Homestead exemptions on most recent tax bill — Enter the dollar amount for any homestead exemption reflected on the most recent annual tax bill. Homestead exemptions protect homeowners from the forced sale of the property in the case of their spouse's death and declaration of bankruptcy. Join us for a workshop to learn about the Cook County Assessor's Office and homeowner exemptions.