This guide will delve into homestead exemptions, what they are, who is eligible, how to apply, which states have them, and more. How does an organization apply for a property tax exemption?SENIOR CITIZEN'S ASSESSMENT FREEZE: Homeowner must be 65 years of age or older in the year in which they are applying. Michigan residents working in reciprocal states should claim an exemption from that state's income taxes. At 1.95 percent, the average property tax rate in Illinois is the second highest in the country, according to the Tax Foundation. Principal Residence Exemption Forms. Homestead Exemption Application and Affidavit. If title to the home is held in the name of a trust, the applicant must have equitable title or beneficial interest to qualify for the homestead exemption. To ensure you qualify, be sure to click the link next to the summary to see your state's complete tax exemption requirements.
