A completed Homestead Exemption Application showing the homestead address. To qualify for the Illinois homestead exemption, you must live in the state for at least 730 days.General Residence Homestead Exemptions: You may only apply for residence homestead exemptions on one property in a tax year. You may file for a homestead exemption up to one year after the delinquency date – usually Feb. 1. Join us for a workshop to learn about the Cook County Assessor's Office and homeowner exemptions. The application may be available online or in person. Summary. In April 2023, Cook County prioritized three research questions regarding Illinois' homestead exemptions for further study. No information is available for this page. The state of Illinois has the second-highest property taxes in the country. Texas has no state property tax.