Illinois Senior/Home Owner Exemptions and Tenancy In Common Percentage?

I will buy a condo for my parents through Tenancy In Common. I will have 99% share and my parents will have 1%. My parents will live in the condo as their primary residence.

Do they qualify for Home owner property tax exemption and Senior property tax exemption?

Thanks in advance.

Bostonian In MO2009-08-12T09:35:51Z

Favorite Answer

At best it would be limited to their ownership share of 1%. Not a lot of benefit there!

10

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