Can someone tell me if I would be able to take advantage of the homeowners tax exemption on a second home?

Asked by Stacy, Chicago, IL Mon Oct 27, 2008

I currently own a condo in the city and a home in the suburbs and live in both properties. Am I able to claim the home owners exemption for each property on my tax bills?

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Tom McCarey, Agent, Chicago, IL
Tue Oct 28, 2008
In a word - nope. The purpose of the tax exemption is related to your primary residence. I am not sure how the courts would adjudicate should you have multiple personalities.

All the best.

Tom McCarey
The Real Estate Lounge Chicago with @properties
1 vote
Robert Pratt, Agent, Chicago, IL
Mon Jan 3, 2011
No. the Homeowner’s exemption can be claimed on your primary residence only. The only way you can claim the exemption, is if you were to move out of your current home and live in the new one.
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0 votes
Don Yosef Ma…, Agent, Highland Park, IL
Sat Jan 1, 2011
Like the majority of home owners who are in this position are probably getting 2 exemptions illegally . Cook County has been cracking down of this situation in the last few years, but for everyone that has said no , they don't know all the in's and out's to this exemption. There are legal ways to get both but you would need to talk to an expert to see if you can qualify under certain circumstances that you might be able to claim more than 1 home owners exemption with the properties that you own. Matter of fact you can have 10 properties and get 10 home owners exemptions only if under certain circumstances exist. I have that information but don't care to share it with the public because this is how I make a living. I help tax payers get reductions & refunds from my expert knowledge being an ex-empolyee of the Cook County Assessor's Office. So all of you that said NO just got an F on oyur test.
0 votes
, ,
Wed Dec 29, 2010
Hi, Stacy

The simplest and easiest way to find out is to speak your or a knowledgeable tax accountant.
0 votes
Mike Braian, Renter, Chicago, IL
Tue Dec 28, 2010 provides very comfortable Home deals in chicago.short sales,mortgage calculator , foreclosure ,financing tips, tax credit iformation ,making home buying eaiser in chicago with confidenthomebuyer.Home Buying Confidence is Only a Click Away.
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Don Yosef Ma…, Agent, Highland Park, IL
Thu Nov 6, 2008
Dear Stacy,
There are loop holes almost in everything , you should consult your attorney who specializes in this. If your property is over 25 miles away from your home and you receieve your mail also at the condo and you do spend many night sleeping there I would be asking a whole lot of other questions in order to see if you or who ever else is on the title should receieve this home owners . How is the mortgage if any set up on this condo, as investment or 2 nd owner occupaied ! The advantages of a home owner exemption are great and you might want to remove the one on your suburban home in it is not in Cook County since Cook County has the 7 % cap only if you receievce the home owners exemption.
Don Yosef Marcus GRI,ABR,CCREC
0 votes
Jerry Altshu…, , Chicago, IL
Tue Oct 28, 2008
That is a question for your accountant or tax advisor. However, the homeowners exemption is for your primary residence only.
0 votes
Pam Winterba…, Agent, Danville, VA
Mon Oct 27, 2008

A homeowners tax exemption is for your primary residence only and not applicable to a 2nd property.
0 votes
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