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Title says it all
Don't know much, but what kind of exemption? Senior citizen, home improvement, disability, etc.?
Ouch. Here's link I found a couple of clicks into a google search, but I doubt you'll get much about loopholes:
http://cookcountyassessor.com/Exemptions/Exemption-Forms.aspx
Simmer down there Pritzker.Supposedly if you have the toilets removed it's considered uninhabitable which really knocks the assessed value down.
Simmer down there Pritzker.