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Form 8718 Illinois Cook: What You Should Know

Homeowner Exemption — PIN · Cook County Assessor / Cook County Clerk · City/ Town Assessor & Clerk · Town/City Clerk (Pleasant Lake, Rock Island Village, West Dundee, Winnetka, Willowbrook, South Holland, and Glencoe) · Village Board of Trustees & Clerk · Town-City Council & Clerk · Cook County Assessor / Cook County Clerk Eligibility. The Homeowner Exemption (HE) permits qualified property owners to elect not to pay property tax on qualifying investment income, regardless of the taxpayer's adjusted gross income (AGI). Qualifying income includes cash interest, dividends, and capital gains, and it does not include retirement benefits or Social Security benefits, Medicare, Earned Income Tax Credit (ETC), and any other income received, directly or indirectly, by a taxpayer from any employee retirement, pension, retirement annuity, profit-sharing, or other plan, agreement, program, or arrangement, except that the value of cash or cash-equivalent property excluded from gross income under Internal Revenue Code section 151, or any other exclusion, shall be included. Qualifying 250,000 cash gain must also be in excess of 250,000 before other excluded property, such as real property, is considered. The HE Exemption will be available to only eligible property owners who meet the above qualifications. For more information, go online to IRM 20.6.3.25, Exclusion of Cash Income from Income and Expensing. Also see Rev. Pro. 2011-34, 2011-02I, Item 1(l), Exclusion of Cash Gross Income from Income and Expensing. Senior Exemption — PIN · Cook County Assessor / Cook County Clerk · City/ Town Assessor & Clerk · Town/City Clerk (Pleasant Lake, Rock Island Village, West Dundee, Winnetka, Willowbrook, South Holland, and Glencoe) · Village Board of Trustees & Clerk Eligibility. The Senior Exemption (SEO) permits qualified property owners to elect not to pay property tax on qualifying investment income from qualified sources in excess of 250,000, even if the income or appreciation exceeds 250,000 based on AGI. Qualifying income includes 250,000 or more of cash income from qualifying sources over the period of five years prior to the date the taxpayer first elected to pay property taxes on qualifying income.

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