This annual exemption is available for
residential property that is occupied as the principal dwelling
place by the owner or a lessee with an equitable interest in the
property and an obligation to pay the property taxes on the leased
property. The amount of exemption is the increase in the current
year’s equalized assessed value (EAV), above the 1977 EAV, up to
a maximum of $5,500.
Homestead Improvement Exemption
This exemption is limited to the fair cash value
that was added to the homestead property by any new improvement,
up to an annual maximum of $75,000. The exemption continues for
four years from the date the improvement is completed and
occupied. The Homestead Improvement Exemption may be granted
automatically or Form PTAX-323, Application for Homestead
Improvement Exemption may be required by the Supervisor of
Assessments or County Assessor. In Cook County, an application
must be filed with the County Assessor along with a valuation
complaint
Senior Citizens Assessment
Freeze Homestead Exemption
This exemption allows senior citizens who have a
total household income of less than $55,000, and meet certain
other qualifications to elect to maintain the equalized assessed
value (EAV) of their homes at the base year EAV and prevent any
increase in that value due to inflation. Qualified individuals
must complete and file Form PTAX-340, Senior Citizens Assessment
Freeze Homestead Exemption Application and Affidavit, each year
with the Supervisor of Assessments or County Assessor.
Senior Citizens Homestead
Exemption
This exemption allows a $4,000 reduction in the EAV of the property that a person 65 years of age or older is
obligated to pay taxes on, and owns and occupies, or leases and
occupies as a residence. Generally, the initial application, Form
PTAX-324, Application for Senior Citizens Homestead Exemption,
must be filed with the chief county assessment officer (CCAO).
Senior Citizens Real Estate Tax
Deferral Program
This program allows persons 65 years of age and
older, who have a total household income of less than $50,000 and meet certain other
qualifications, to defer all or part of the real estate taxes and
special assessments on their principal residences. The deferral is
similar to a loan against the property's market value. A lien is
filed on the property in order to ensure repayment of the
deferral. The state pays the property taxes and then recovers the
money, plus 6 percent annual interest, when the property is sold
or transferred. The deferral must be repaid within one year of the
taxpayer’s death or 90 days after the property ceases to qualify
for this program. The maximum amount that can be deferred,
including interest and lien fees, is 80 percent of the taxpayer’s
equity interest in the property. To apply for real estate tax
deferrals, Forms PTAX-1017-TD, Application for Deferral of Real
Estate Taxes, and PTAX-1018-TD, Real Estate Tax Deferral and
Recovery Agreement, must be completed. To apply for special
assessment deferrals, Forms PTAX-1017-SA, Application for Deferral
of Special Assessments, and PTAX-1018-SA, Special Assessments
Deferral and Recovery Agreement, must be completed. Contact your
local County Treasurers Office to receive the necessary forms, or
further information on the program. March
1st is the deadline for application.
Returning Veterans Exemption
This exemption exempts $5,000 from the assessed value for one year only, being the year in which the veteran returns from an armed conflict involving the United States.
Disabled Veterans Standard Exemption
This exemption annually exempts $5,000 from the assessed value for veterans having at least 75% disability or annually exempts $2,500 from the assessed value for veterans having at least 50% disability but less than 75%. Percentage of disability will be determined by certification from US Department of Veterans Affairs. Form will describe documents that will be required for proof of eligibility. Exemption continues with unmarried surviving spouse. The assessed value of property must be less than $250,000. Note: Taxpayer claiming exemption under 15-165 or 15-168 may not claim this exemption.
Disabled Persons Exemption
This exemption annually exempts $2,000 from the assessed value for person who has a disability that has lasted or can expect to last more than a year, rendering them unable to engage in substantial gainful activity by reason of medically determinable mental or physical impairment. The Department of Revenue is directed to prescribe form, manner, rule and regulation for administration of this exemption. Proof of eligibility for disability benefits under Social Security, or an Illinois Disabled Person ID card for Class 2 disability will constitute proof of eligibility for this exemption. The County Office is required to mail an annual verification of eligibility that must be returned by the recipient of the exemption.
