Property Ownership
In Illinois, homestead exemptions on property taxes benefit:
AAll property owners in Illinois automatically
BOwner-occupants of residential property as their primary residence✓ Correct
COnly low-income property owners
DCorporations that own residential real estate
Explanation
Illinois property tax homestead exemptions are available to owner-occupants who use the property as their primary residence. The General Homestead Exemption reduces the EAV by $10,000 (Cook County: $10,000; other counties: $6,000). Additional exemptions include the Senior Citizens Homestead Exemption, Senior Freeze Exemption, and Disabled Persons Exemption. Investment properties and vacation homes do not qualify.
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