What is the homestead exemption amount for an individual homeowner in Illinois?

The homestead exemption in Illinois provides a reduction in the assessed value of a home for property tax purposes, benefiting homeowners by lowering their tax liability. For an individual homeowner, the standard homestead exemption amount is indeed $15,000.

This exemption applies to the general homestead as well as other specific types of exemptions available in the state, such as those for seniors or veterans, which can increase the amount of the exemption further in certain circumstances. Understanding this exemption is crucial for homeowners in Illinois, as it can significantly impact their taxes and overall financial obligations related to property ownership. This knowledge is particularly important for real estate professionals assisting clients in navigating property tax assessments and incentives available to homeowners.