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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.
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- Bostonian In MOLv 71 decade agoFavorite Answer
At best it would be limited to their ownership share of 1%. Not a lot of benefit there!
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