JUST A QUICK QUESTION ABOUT PROPERTY TAXES. I LIVED IN A CONDO IN ILLINOIS FOR 3 YEARS AND THEN DECIDED TO RENT IT OUT JUST A FEW MONTHS AGO. I JUST NOW REALIZED THAT ON MY PROPERTY TAX BILL I GET AN OWNER OCCUPIED EXEMPTION OF $4300 IN THE CALCULATION (THIS EQUALS OUT TO APPROXIMATELY $300/YR). I ASSUME I NEED TO NOTIFY THE SUPERVISOR OF ASSESSMENTS THAT I NO LONGER OCCUPY THE PROPERTY, BUT I WANTED TO SEE IF ANYONE HAS RUN ACROSS THIS BEFORE. SEEMS LIKE SOMETHING THAT CAN BE EASILY OVERLOOKED. THANKS FOR THE INPUT.
Here in Louisiana (and other states like Texas)we have a “homestead exemption”. We are exempt from taxes on the first $75,000 of valuation on our private residences. It only applies to your private residence and you can only hols a single homestead exemption at a time. However, sometimes the government lags taking it off and moving it to the next property so some owners reap a benefit for a short time.
If you are receiving it for your rental property, are you receiving it for your current privet residence? Here, the computer system will not allow a person (or a couple) to have two homestead exemptions in the state.
I’m a “try to do the right thing” kinda guy and would go down and straighten it out – but that’s me. My personal integrity and reputation are invaluable to me.
Keith