Can my parents live in a house that I own and take advantage of homeowner and senior citizen property tax exemptions (via triple net lease agreement)?

Can my parents live in a house that I own and take advantage of homeowner and senior citizen property tax exemptions (via triple net lease agreement)?

My parents are 66 years old and have no income. I own a house and I want them to live in it. We have pretty high property taxes and I would like to try and take advantage of of both homeowner and senior citizen property tax exemptions on this house as long as my parents live there. I heard it is possible if we sign a lease which makes them responsible for paying the taxes. Is this true? Are there any caveats in doing so?

Asked on March 3, 2012 under Real Estate Law, Illinois

Answers:

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