The website below actually breaks it down for you in simple terms and describes the many exemptions available. This is an important part of the benefits of homeownership, so make sure to go this link and check your status. In most cases, the senior citizen homestead/homeowner exemptions are most often missed.
SUMMARY OF SAVINGS
Exemptions – from the Cook County Treasurer’s Office…..http://www.cookcountytreasurer.com/services.aspx?ntopicid=24
Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.
Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.
READ FULL LIST OF EXEMPTIONS via HOW MUCH CAN YOU SAVE WITH HOMEOWNER’S EXEMPTION….VIEW COOK COUNTY TREASURER’S OFFICE WEBSITE.