Business & Tech
Article on Homestead Exemption Cites Elmhurst Mayor's Rental Properties
In-depth Tribune article looks at outright violations, as well as the "landlord loophole," which allowed DiCianni to save money on property taxes since 2006.
A Chicago Tribune investigation has discovered that the homestead exemption has been improperly applied to about 17,000 properties owned by Chicago area taxpayers, costing counties millions in uncollected revenue.
The homestead exemption lowers property taxes on a home owner's primary residence, but tax assessors across the state handle the issue differently and the laws are hard to interpret, according to the article.
The Tribune article cites Elmhurst Mayor Pete DiCianni as an example of someone who has been able to take advantage of the "landlord loophole" on two rental properties he owns. A representative at York Township, where the properties are located, said DiCianni can continue to get the discount as long as he shows a copy of the leases that states part of the rent is used to cover taxes.
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