Published: October 18, 2026 · By the Chicago Condo Loans Editorial Team
Quick answer If you buy a Chicago condo to live in, apply for the Cook County Homeowner Exemption with the Cook County Assessor. It cuts your unit’s equalized assessed value (EAV) by $10,000, so the yearly savings are $10,000 times your local tax rate (about $800 at an 8% rate). You qualify if you own the unit (or are responsible for its taxes) and live in it as your principal residence on January 1 of the tax year. You apply once; it renews automatically while you live there.
This is part of our first-time condo buyer checklist.
Who qualifies?
- You own the condo, or hold a lease or contract that makes you responsible for its real estate taxes.
- You occupy it as your principal place of residence on January 1 of the tax year. Newly built homes that weren’t ready until after January 1 may get a prorated exemption.
- Investment and second-home units don’t qualify; it is for a principal residence only.
How much does it save?
The exemption reduces EAV by $10,000. Your tax bill falls by that amount times your local tax rate, which appears on your second-installment tax bill or is available from the Cook County Clerk. The Assessor’s example: at an 8% rate, about $800 a year.
| Local tax rate | Approximate yearly savings |
|---|---|
| 6% | $600 |
| 7% | $700 |
| 8% | $800 |
How do I apply after closing?
- File an initial application online on the Assessor’s website, or get a paper form from an Assessor’s Office location or your township assessor.
- Have your PIN (the unit’s Property Index Number; each condo unit has its own).
- Proof of identity and occupancy: a List A photo ID (Illinois driver’s license or state ID, Matrícula Consular or City of Chicago ID) plus the occupancy affidavit in the online application. If the ID shows a different address, you need a List B ID, a List C occupancy document (such as a bank statement or voting record) and the affidavit.
- Proof you’re responsible for the taxes: being named on the recorded deed usually suffices; otherwise documents such as a trust agreement or contract for deed.
- Co-op owners can’t use the normal online system; the Assessor has a separate co-op application. See co-op loans in Chicago.
What if I missed a year?
If you were eligible but the exemption wasn’t on your bill, the Assessor processes it as a Certificate of Error, which can lead to a refund or corrected bill. The Assessor’s page lists 2021 through 2024 as past years available, and says 2025 applications are now handled as Certificates of Error because the normal filing period has ended.
Why does this matter for my mortgage?
Property taxes are part of the monthly housing payment lenders use to qualify you, along with HOA dues (see HOA dues and your mortgage approval). Because Cook County bills taxes a year in arrears, the first bills after you buy may reflect the seller’s exemption status, which is why tax prorations at closing matter; see condo closing costs.
Frequently asked questions
How much does the Cook County homeowner exemption save on a condo?
It reduces the unit’s equalized assessed value by $10,000. Savings equal $10,000 times your local tax rate, about $800 a year at an 8% rate.
When do I have to live in the condo to qualify?
You must occupy it as your principal residence on January 1 of the tax year. Newly built homes not ready until after January 1 may receive a prorated exemption.
Do I have to reapply every year?
No. Once granted, the exemption renews automatically each year as long as your residency stays the same.
Can I get the exemption for a rental condo?
No. It applies only to a home you occupy as your principal residence.
Sources
Educational content only. We are not a lender or broker, and this is not lending, legal or financial advice. Rules change; confirm details with your lender and attorney.