Exemptions

Property Tax Exemptions Available to the Property Owner

Illinois law provides property owners with a series of exemptions which have the effect of lowering the assessed value of the property you own. Below is a list describing those exemptions which are available and what qualifications are required to be eligible.

 1) General Homestead /Owner Occupied Exemption: Could lower the equalized assessed value of the property by $6,000. To qualify, you must live in the home, it must be your primary residence, and you must own or have a legal equitable interest in the property by Jan 1 of the year exemption is applied.  

2) Homestead Improvement Exemption: If you make a qualified improvement to the home you own and occupy, an assessment increase due to that improvement may be kept off the tax rolls for 4 years. There is an annual maximum of $75,000 assessed value that may be exempted.  

3) Senior Citizens Homestead Exemption: Persons age 65 or older who meet the qualifications for the General Homestead Exemption may receive a $4,000 reduction in equalized assessed value of their home.  

4) Senior Citizens Assessment Freeze Homestead Exemption: This exemption freezes your property’s prior year equalized assessed value. If you qualify for the Senior Citizens Homestead Exemption and your total household income is $65,000 or less, and you have lived in your home for a complete tax year (Jan 1 to Jan 1), or if you live in an assisted living facility, you may qualify for this exemption.   Senior Assessment Freeze Application    Senior Assessment Freeze Instructions

5) Returning Veterans’ Homestead Exemption: This exemption provides a $6,000 reduction on the of the principal residence’s equalized assessed value. To qualify, you must be an Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard, or U.S. Reserve Forces; return from active duty in an armed conflict; be liable for the payment of the property taxes; and have legal equitable interest in the property as your principal residence.  

Additionally, the following 3 exemptions are available:

A person is only allowed one of the following exemptions in a tax year:

1. Disabled Veterans’ Standard Homestead Exemption
2. Disabled Person’s Homestead Exemption
3. Disabled Veterans’ Exemption.

For more information on these exemptions, or to file for any of these exemptions, you may contact the office of the Chief County Assessment Officer at (217)-424-1364.

 

 

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