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Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I own two condos in the same complex. I live in one unit. I

Resolved Question:

I own two condos in the same complex. I live in one unit. I receive a tax exemption of 5,000 on the unit I live in. Can I receive a tax exemption on the other unit that I rent? Is there any type of exemption I can receive? My mortage is now $800.00 more per month because of the 5,000 non exemption. What can I do?
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
Hello wanda,

I assume that you are referring to the Illinois Homestead Exemption. If that is the case, the exemption is only allowed on:

1. Residential property that is occupied as the principal dwelling place of the owner, or

2. A lessee with a legal or equitable interest in the property with a single-family residence, who is liable for the payment of the property taxes on the leased property.

You are obviously allowed the exemption on the condo that you use as your primary residence. The exemption would only be allowed on the second condo if the renter of that condo was on a lease purchase contract, and the renter was the one paying the property taxes. And even in such a case, the renter is the one who would be allowed the exemption. Under the current law, you do not qualify for an exemption on the second condo unit that you own.

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Thank you wanda.

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