This exemption entitles residents of Cook County who own their home as of January 1st of the year in which you are applying and use this as your principal place of residence, a reduction in their equalized assessed valuation of $6,000. This exemption will reduce the total tax bill by $400 to $500 each year.
If you lease a home and are responsible for the payment of property taxes, you would also be entitled to receive this deduction.