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I own two condos in the same complex. I live in one unit. I

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receive a tax exemption of...
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: 8 years ago.Category: Tax
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Answered in 5 hours by:
5/4/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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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.

http://www.revenue.state.il.us/localgovernment/PropertyTax/taxrelief.htm

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you wanda.

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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