Long-Time Occupant Exemption
Long-Time Occupant Exemption (LTOE) enables taxpayers to receive an expanded homeowner’s exemption with no maximum exemption amount (source: Assesor’s website).
What is the Longtime Homeowner Exemption?
The Longtime Homeowner Exemption was designed to offset increases in property values for homeowners who have lived in their homes for 10 years or more and experienced significant growth in their property’s value. Cook County Assessor Joseph Berrios and his staff are happy to assist with this information.
Those who qualify and receive this exemption should be aware that the exemption is not automatically renewed. The property must continue to qualify and the exemption must be applied for annually.
Who qualifies for a Longtime Homeowner Exemption?
To qualify for Tax Year 2015, you must please meet each of these requirements:
- Have used the property as a principal place of residence from January 1, 2005 to January 1, 2015
- Had a gross household income of no more than $100,000 for 2014
- The Equalized Assessed Valuation (EAV) of the property must have increased significantly
- Own the property or have a legal, equitable or leasehold interest in the property on January 1, 2015
- Be responsible for the payment of 2015 property taxes.
Long-Time Occupant Exemption requirements state that taxpayers must have:
- Owned and occupied their residence for more than ten years
- A total household income of $100,000 or less and
- An assessment increase for their property that was significant enough to exceed the maximum amounts set by the state legislature.
Forms and General Information
Exemption forms and general information are provided by the links below:
- Long-time Occupant Exemption Application
- Long-time Occupant Exemption Eligibility and Instructions
- Past Application Forms
WARNING: Although the tax savings derived from the LTOE can be significant, if your assessment or market value is reduced even by less than 2%, then some or all of the savings from the LTOE may be removed.