What they are?
What is it?
Certain cities or local agencies offer tax incentives that lower long-term ownership costs.
How does it work?
- Typically structured as annual tax credits reducing tax liability after closing.
Where is it available?
Loan types available
Conventional, FHA, VA, USDA.
Where available in Illinois
- Not statewide, available in certain municipalities or designated areas
- Senior Citizens tax relief/exemptions by county
- Senior freeze income based
- Chicago only: TaxSmart MCC, targeted census tracts, up to 25% of mortgage interest or $2,000
- Cook County: Property tax exemption relief program – $1,000 one-time payment,
Key Qualifications
Qualification requirements
- Location limits
- Income limits
- Age limits
