The purpose of this course on homestead exemptions is to provide a comprehensive look at Illinois Homestead Exemptions from the initial constitutional authority to enact exemptions on residential property to the current homestead exemption structure. The provisions in each of the homestead exemptions differentiating the qualifications and the type of value being exempted will be examined. This course will also provide insight on the impact homestead exemptions have on tax bills through effective tax rates as well the impact on taxing body’s ability to extend taxes. The tax policy implications of Cook County’s push to enact the Alternative General Homestead Exemption and the further expansion of exemptions will be reviewed.
Hours: 15 CE Hours