Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address.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. The exemption may be claimed in addition to the General Homestead Exemption. Summary. In April 2023, Cook County prioritized three research questions regarding Illinois' homestead exemptions for further study. This can provide asset protection from creditors for at least some of house's value.