Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence. Summary. In April 2023, Cook County prioritized three research questions regarding Illinois' homestead exemptions for further study.This exemption lasts up to four years. Application Due Date: No application is required. The homestead can't exceed one acre in a city or 160 acres in a rural area. Print Homestead Exemptions. Free viewers are required for some of the attached documents. The BOR accepts exemption applications for approximately 30 days, four times each year. Illinois Department of Revenue. A circuit court judge ruled in favor of the Carle Foundation in Feb.