How does homestead exemption work in Illinois?

General Homestead Exemption (GHE) (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.

US Legal Forms
Illinois Owner Occupancy affidavit

Illinois Owner Occupancy affidavit

Name: Illinois Owner Occupancy affidavit
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (313 reviews)

Category:

Illinois Local County - Cook - Assessors Office

State:

Illinois

Control #:

IL-SKU-1949

Format:

Instant download

This website is not affiliated with any governmental entity

Public form

Description What Is An Occupancy Affidavit

Owner Occupancy affidavit The Illinois Owner Occupancy affidavit is a document that is required for all residential real estate transactions in the state of Illinois. It is used to verify that the buyer of the property intends to occupy the property as their primary residence. The affidavit is signed and dated by the buyer and seller and, if applicable, their attorney, and must be filed with the county recorder of deeds in the county where the property is located. There are two types of Illinois Owner Occupancy affidavit: the Owner Occupancy Affidavit for Newly Constructed Property, and the Owner Occupancy Affidavit for Existing Property. The Owner Occupancy Affidavit for Newly Constructed Property is used when the property is newly constructed and has never been occupied. The Owner Occupancy Affidavit for Existing Property is used when the property has been previously occupied. Both forms are required to be completed and filed with the county in order for the sale to be legally binding.

The Illinois Owner Occupancy affidavit is a document that is required for all residential real estate transactions in the state of Illinois. It is used to verify that the buyer of the property intends to occupy the property as their primary residence. The affidavit is signed and dated by the buyer and seller and, if applicable, their attorney, and must be filed with the county recorder of deeds in the county where the property is located. There are two types of Illinois Owner Occupancy affidavit: the Owner Occupancy Affidavit for Newly Constructed Property, and the Owner Occupancy Affidavit for Existing Property. The Owner Occupancy Affidavit for Newly Constructed Property is used when the property is newly constructed and has never been occupied. The Owner Occupancy Affidavit for Existing Property is used when the property has been previously occupied. Both forms are required to be completed and filed with the county in order for the sale to be legally binding.

View Completed Hourly Worksheet; Indigent Representation

View this form

View Application for Certificate of Compliance with Section 3-122-112, HAR

View this form

View Blank Hourly Worksheet; Non-Indigent Representation

View this form

View Application For Professional Employer Organization Registration

View this form

View Application For Self Insurance Authorization

View this form

How to fill out Illinois Owner Occupancy Affidavit?

Working with legal paperwork requires attention, precision, and using well-drafted blanks. US Legal Forms has been helping people nationwide do just that for 25 years, so when you pick your Illinois Owner Occupancy affidavit template from our service, you can be sure it complies with federal and state regulations.

Dealing with our service is easy and fast. To get the necessary document, all you’ll need is an account with a valid subscription. Here’s a brief guide for you to obtain your Illinois Owner Occupancy affidavit within minutes:

Make sure to carefully examine the form content and its correspondence with general and legal requirements by previewing it or reading its description.
Search for another formal blank if the previously opened one doesn’t suit your situation or state regulations (the tab for that is on the top page corner).
Log in to your account and download the Illinois Owner Occupancy affidavit in the format you need. If it’s your first experience with our website, click Buy now to continue.
Register for an account, decide on your subscription plan, and pay with your credit card or PayPal account.
Decide in what format you want to save your form and click Download. Print the blank or add it to a professional PDF editor to prepare it paper-free.

All documents are created for multi-usage, like the Illinois Owner Occupancy affidavit you see on this page. If you need them one more time, you can fill them out without re-payment - simply open the My Forms tab in your profile and complete your document any time you need it. Try US Legal Forms and accomplish your business and personal paperwork rapidly and in total legal compliance!

Occupancy Affidavit Form Form Rating

4.7

Satisfied(313)

Form popularity

FAQ

For residential property owners, the assessed value equals 10% of the fair market value of the home. For most commercial property owners, the assessed value is 25% of the fair market value.

Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.

General Homestead Exemption (GHE) (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.

The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.

Property tax savings from a Homeowner Exemption are calculated by multiplying the Homeowner Exemption amount of EAV reduction ($10,000) by your local tax rate. Property tax savings from a Senior Exemption is calculated by multiplying the Senior Exemption amount of EAV reduction ($8,000) by your local tax rate.

The Senior Exemption property tax savings each year is $8,000 in Equalized Assessed Value (EAV).

Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1957 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.

A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property. This does not automatically freeze the amount of their tax bill, only the EAV remains at the fixed amount. Tax rates may change and thus alter a tax bill.

More info

An affidavit of occupancy is a legal document that, once signed, becomes a sworn statement. The Property is an investment to be held or rented rather than for household or personal use.An Occupancy Affidavit is a document that is used to confirm a property being financed will serve as a homeowner's principal residence. An affidavit of Occupancy is a document that shows that a building served as a residential place within a period of time. The Occupancy Affidavit is a written promise from the homeowner that they intend to occupy the property. No space may be occupied until a certificate of occupancy (CO) is issued. OWNER-OCCUPANT AFFIDAVIT. The Occupancy Affidavit is one type of document that can be used to show that a home was (or is) the primary place of residence for a specified time period. In some states, living in the home for 183 days qualifies it as your primary residence for the entire year. Share. What is an Occupancy Affidavit?

Illinois Owner Occupancy affidavit

Description What Is An Occupancy Affidavit

Affidavit Of Occupancy Related forms

How to fill out Illinois Owner Occupancy Affidavit?

Show more info

Occupancy Affidavit Form Form Rating

Form popularity

FAQ

How is Cook County homeowners exemption calculated?

Who qualifies for homeowners exemption in Illinois?

How does homestead exemption work in Illinois?

How much does homeowners exemption save Cook County?

How is the Cook County homeowners exemption calculated?

How much is the senior exemption in Cook County?

What is senior exemption on Cook County Illinois property taxes?

What is a senior freeze exemption in Cook County?

More info

Trusted and secure by over 3 million people of the world’s leading companies