Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Model Home Tax Exemption

Model Home Tax


About the Model Home Tax Exemption

Add value when representing the seller of a model home by finding out if they qualify for the Model Home Tax Exemption.

 

This valuable tax exemption applies to Single Family Homes, Townhomes, or Condominiums that are not being occupied as a dwelling, but rather are used as display or demonstration homes for prospective buyers.

The model home need not be vacant – staging, furnishings, and appliances are allowed, as well as offices and office equipment to further sales activities.

Once applied, the model home exemption functions to assess the model home at the same assessed value as the property had prior to construction.

This means huge tax savings for the owner. A property is eligible for this exemption for a maximum of ten years, and an owner is limited to no more than 3 models homes claiming the exemption within a 3-mile radius.

 

Law Offices of Lora Matthews Fausett, P.C.Contact our office for more information, and to see if your client may be able to utilize the model home exemption.

Call (630) 858-0090

 


 

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