The Cook County Homeowner Exemption lowers your home’s equalized assessed value (EAV) by $10,000, which cuts your property tax bill every year you live there. It does not carry over from the seller. As a new Chicago owner, you have to apply for it yourself, and once approved it renews automatically.
Last reviewed September 28, 2026 · Chicago First Time Home Buyer editorial team
At a glance
| Run by | Cook County Assessor’s Office |
| What it does | Reduces equalized assessed value by $10,000 |
| Who qualifies | Owners, or people responsible for the property taxes, who live in the home as their principal residence on January 1 of the tax year |
| Transfers from seller? | No. New owners must apply. |
| Renews | Automatically each year after approval, as long as you still live there |
| How to apply | Online or on a paper form (English, Spanish or Polish) |
| Documents | Photo ID showing the property address and proof that you are responsible for the property taxes |
How much it saves
The exemption removes $10,000 from the value your taxes are calculated on, so the savings equal $10,000 times your local tax rate. At an 8% rate, that is about $800 a year. Your actual rate depends on where in Chicago the home is.
When a first-time buyer should apply
Eligibility is based on where you lived on January 1 of the tax year. If you close in 2026 and move in, you can claim the exemption for the 2027 tax year, the first January 1 you live there. Watch for the Assessor’s filing period each spring and apply as soon as it opens. If you miss the regular period, the Assessor processes late applications as Certificates of Error.
Common questions
Does the seller’s exemption stay on my bill?
The exemption belongs to the owner who lived there, not the property. It does not transfer to you, so you need to file your own application.
Do I have to reapply every year?
No. Once approved, it renews automatically each year as long as you keep living in the home.
Does it apply to condos and two-flats?
It applies to owner-occupied residential property where you live as your principal residence. Ask the Assessor’s Office how it applies to your specific building.
The exemption lowers an ongoing cost of owning. For the costs of buying, see what it costs to buy a home in Chicago, and for this year’s bills, Cook County property tax bills due October 2026.