Here are some common types of residential property tax exemptions:

The Homeowners exemption is available to owners of single family homes, condominiums, cooperatives and apartment buildings of six units or less. The property must have been occupied by its current or previous owner as his or her principle residence on January 1st of the year for which the exemption is granted. This exemption reduces the home's Equalized Assessed Value (EAV) by $5,000.

The 7% Cap, which will be applied as an expanded version of the current Homeowner Exemption, will save homeowners money on their tax bills. The 7% Cap can increase the Homeowner Exemption amount from a minimum of $5,000 in Equalized Assessed Value (EAV) to a maximum of $20,000 in EAV. The amount of the exemption will vary based on the value of the home and the amount of the assessment increase. The property must be owner occupied prior to the reassessment. A property that is sold will no longer receive the 7% Cap. All calculations will be made by the Cook County Assessor's office.

To be eligible for the Homestead Exemption, which will reduce your equalized, assessed value by $3,000, you must meet the following eligibility requirements:

• You or your spouse must be 65 years old or older during the year for which you are applying for the exemption.
• As of January 1st of that year, you must either own the property or have a lease or contract making you responsible for the property taxes.
• As of January 1st of that year, the property must be your principle residence.

Applications for the Homestead Exemption are available from our office or the Cook County Assessor's office. Once you are approved for the exemption, you will receive renewal notices every year. These yearly notices must be signed and returned to our office or the County Assessor. When you sign this renewal, it will also automatically make you eligible for the Homeowner's Exemption.

This exemption freezes the assessed value of your home for one year, reducing the rate of growth of your property taxes.

Applicants must meet the following requirements to be eligible for this exemption:

• The property must be your principle place of residence during the entire year of the assessment freeze.
• You or your spouse must be 65 years old or older during that year.
• Your total household income cannot have exceeded $50,000 in the year prior to the year for which you wish the assessment freeze.

Applications for the Senior Assessment Freeze are available at our office or at the Cook County Assessor's office. The application and proof of income must be submitted yearly to continue receiving the exemption.

Veterans returning from active duty in armed conflict are eligible to receive a $5,000 reduction in the equalized assessed value (EAV) of their property only for the taxable year in which they return.

To qualify the veteran must be:

• An Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard or U.S. Reserved Forces
• Be returning from active duty in an armed conflict involving the armed forces of the U.S.
• Owned or had a legal or equitable interest in the property and used it as a principle place of residence on January 1, 2007
• Be liable for the payment of property taxes

Veterans with a service-connected disability as certified by U.S. Department of Veteran Affairs are eligible for this annual exemption. A disability of at least 75 percent is eligible for a $5,000 exemption in equalized assessed value (EAV). A disability of at least 50 percent, but less than 75 percent, is eligible for a $2,500 reduction in EAV.

To qualify the veteran must be:

• An Illinois resident who has served as a member of the U.S Armed Forces on active duty or on active duty in the state of Illinois, Illinois National Guard, or U.S. Reserve Forces and has been honorably discharged
• Have at least a 50% service-connected disability certified by the U.S. Department of Veterans Affairs
• Own and occupy the property as the primary residence on January 1, 2007
• Have a total EAV of less than $250,000 for the primary residence, excluding the EAV of property used for commercial purposes or rented for more than 6 months

This exemption provides disabled persons with an annual $2,000 reduction in the equalized assessed value (EAV) of the property.

To qualify the applicant must be:

• Disabled or become disabled during the assessment year
• Own or have a legal or equitable interest in the property, or a leasehold interest of a single-family residence
• Occupy the property as the principle residence on January 1, 2007
• Be liable for the payment of property taxes

This exemption protects you from being assessed for four years on the first $75,000 of improvements you make on your principle residence. The Homestead Improvement Exemption should be granted automatically by the County Assessor.