Cook Co. is riddled with real estate tax exemptions and the long term occupant exemption is a strange, stealth exemption that I have never liked much.
It’s not mentioned much on the Cook County Assessor’s website and no one understands it.
The exemption is a substitute for the homeowner’s exemption, but the benefit of it is that there is no cap, so the savings can be more than the typical homeowner’s exemption.
To qualify you need:
1. Owned your home from 1/1/00 to 1/1/10 (10 years).
2. Household income of less than $100k.
3. A big assessment increase (that’s basically everyone).
The assessor just mailed packets to those of you deemed worthy. There is no form on the site to apply for the long term occupant exemption, so you have to rely on the mailed form (which is vintage 1960). The application has to be filed by June 22.