Residential Homestead Exemption Savings (35 ILCS 200/15-175)

Estimate of Property Tax Savings


Example: A property with a fair market value of $240,000 is owner occupied and receives the residential homestead exemption. This is only an example. Your specific savings will vary depending upon your local tax rate.

                           Without Exemption       With Exemption
Fair Market Value                    240,000              240,000
Level of Assessment                 X 33 1/3 %           X 33 1/3 %
Equalized Value                       80,000               80,000 
Exemption Amount                 -         0           -    6,000
Billing Value                         80,000               74,000
Local Tax Rate                      X .07211             X .07211
Tax Amount                         $5,768.80            $5,336.14

ANNUAL TAX SAVINGS: $5,768.80 - $5,336.14 = $432.66