Chapter 35 REVENUE 35 ILCS 200/15-175 General homestead exemption., 35 ILCS 200/15-175
Summary
(a) Except as provided in Sections 15-176 and 15-177 [35 ILCS 200/15-176 and 35 ILCS 200/15-177], homestead property is entitled to an annual homestead exemption limited, except as described here with relation to cooperatives or life care facilities, to a reduction in the equalized assessed value of homestead property equal to the increase in equalized assessed value for the current assessment year above the equalized assessed value of the property for 1977, up to the maximum reduction set forth below. If however, the 1977 equalized assessed value upon which taxes were paid is subsequently determined by local assessing officials, the Property Tax Appeal Board, or a court to have been excessive, the equalized assessed value which should have been placed on the property for 1977 shall be used to determine the amount of the exemption.