Get the free OWNER OCCUPIED EXEMPTION

BOONE COUNTY ASSESSMENT OFFICE 1208 Logan Ave Belvidere IL 61008 815 544-2958 815 544-3365 Fax APPLICATION FOR OWNER-OCCUPIED HOMESTEAD EXEMPTION ILLINOIS REVISED STATUTES CHAPTER 120 SECTION 19. 23-1A Todays Date Exemption year PERMANENT PARCEL INDEX Name Address Phone Number Date of Purchase Date of Occupancy PLEASE MARK ONE OF THE FOLLOWING BOXES I am the owner of this property am responsible for the property taxes I have a contract to purchase this property Attach copy of contract if not...

How to fill out owner occupied exemption

How to fill out owner occupied exemption

1. Step 1: Gather all the necessary documentation required for the owner occupied exemption application.
2. Step 2: Fill out the application form with accurate and updated information.
3. Step 3: Provide proof of ownership of the property such as a copy of the title deed or a property tax bill.
4. Step 4: Attach any supporting documents required, such as residency proof or income verification.
5. Step 5: Review the completed application form and attached documents for any errors or missing information.
6. Step 6: Submit the application form along with the accompanying documents to the appropriate local authority or tax assessor's office.
7. Step 7: Wait for the review process to be completed, which may involve a property inspection if necessary.
8. Step 8: If approved, the owner occupied exemption will be applied to the property, resulting in reduced property taxes.
9. Step 9: Ensure to renew the exemption periodically as required by local regulations.

Who needs owner occupied exemption?

1. Property owners who use their property as their primary residence typically qualify for the owner occupied exemption.
2. Those who own and occupy a home, condominium, or other eligible property as their main residence may be eligible for this exemption.
3. The specific eligibility criteria for owner occupied exemption may vary depending on the jurisdiction and local regulations.
4. In general, the exemption is intended to provide tax relief for homeowners who primarily live in their owned property.
5. Owners who rent out their property or use it solely for investment purposes may not qualify for the owner occupied exemption.

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What is owner occupied exemption?

Owner occupied exemption is a tax relief program that allows homeowners to reduce the assessed value of their property for tax purposes if they live in the property as their primary residence.

Who is required to file owner occupied exemption?

Homeowners who live in their property as their primary residence are typically required to file for owner occupied exemption.

How to fill out owner occupied exemption?

To fill out owner occupied exemption, homeowners usually need to complete a form provided by their local tax assessor's office and submit any required documentation to prove primary residency.

What is the purpose of owner occupied exemption?

The purpose of owner occupied exemption is to provide tax relief to homeowners who live in their property as their primary residence, by reducing the property's assessed value for tax purposes.

What information must be reported on owner occupied exemption?

Typically, homeowners must report their name, address, property details, and provide documentation proving that they live in the property as their primary residence.