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Form 8965 Illinois Cook: What You Should Know

A property tax exemption of 10% of a taxpayer's gross income can be obtained by filing forms and submit the Property Tax Application and Submit an Approved Property Tax Exemption Form. The IDOL issues tax exemptions to qualified organizations. If you are an individual, a qualified organization must be a nonprofit organization that is authorized by law to receive tax-exempt status under Section 501(c)(3) of the Internal Revenue Code, Property Tax Exemptions — The Illinois Department of Revenue (IDOL) Jul 14, 2023 — This new schedule for property values is effective for all property taxes other than municipal taxes that were originally made in 2023 or 2014. A taxpayer who files Form 806-S, Form 4049-L1, or Form 4049-L2, will be required to pay property tax on a prorated basis in the following amounts unless the property is the exempt use of the taxpayer's home, which is not subject to property tax under this chapter, or the property is sold by the taxpayer to another person who is not an exempt use or other than the taxpayer whose home it is. However, the exemption is still in effect if you purchased your home before July 1, 2018, and you have not already submitted a property tax exemption application to the state. If you believe that you qualify for a property tax exemption that is not based on sales of the house (not exempt use), please contact the Residential Property Section in the Cook County Revenue Department. The Illinois Department of Revenue (IDOL) will not review or grant property tax exemptions for residential property that was purchased before July 1, 2018,, and you are awaiting approval from the Illinois Residential Code Review Board. There are two exceptions to this restriction. If you have submitted an approved exemption forms to the Illinois Residential Tax Review Board and have paid your property taxes in full, you may have paid all local charges related to your property tax exemption.  Additionally, your exemption for the residential portion of your income on your federal tax return can exceed the maximum allowed by law.

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