After you close on a Chicago home, the main things to handle are applying for the Cook County Homeowner Exemption and knowing when your two property tax installments are due.
Last reviewed October 1, 2026 · Chicago First Time Home Buyer editorial team
At a glance
| Homeowner Exemption | Lowers your home’s equalized assessed value by $10,000 |
| Who must apply | New owners; the exemption does not transfer from the seller |
| Occupancy | You must live in the home as of January 1 of the tax year |
| After the first year | Renews automatically while you live there |
| Property tax bills | Two installments a year; for tax year 2025, the second installment is due October 1, 2026 |
Recent updates
- Cook County property tax bills are due October 1, 2026: how the two installments work.
- Chicago’s 2027 budget and your property tax bill: what buyers should watch this fall.
Common questions
Does the seller’s homeowner exemption carry over to me?
No. New owners must apply for the Homeowner Exemption themselves. Once it is granted, it renews automatically while you live in the home.
How many property tax bills do Cook County owners get each year?
Two. For tax year 2025, the first installment was due April 1, 2026 and the second is due October 1, 2026.
Sources
Cite this page: Chicago First Time Home Buyer, “After You Buy a Home in Chicago,” reviewed October 1, 2026, chicagofirsttimehomebuyer.com/after-you-buy/.