EXEMPTIONS:
Homestead property and is occupied by its owner or owners as his or their principal dwelling place, or that is a leasehold interest on which a single family residence is situated, which is occupied as a residence by a person who has an ownership interest therein, legal or equitable or as a lessee, and on which the person is liable for the payment of property taxes. A reduction of up to $3,500 off the assessed value of the residence. back to top
Homestead Improvements Exemption:
Homestead properties that have been improved and residential structures on homestead property that have been rebuilt following a catastrophic event. Improvement is limited to $45,000 and thereafter, in fair cash value, when that property is owned ad used exclusively for a residential purpose and upon demonstration that a proposed increase in assessed value is attributable solely to a new improvement of an existing structure or the rebuilding of a residential structure following a catastrophic event. This exemption reduces the increase in assessed value attributed to a new improvement, for a four year period. For qualifications of catastrophic events please refer to Property Tax Code 2002 Article 15-180. back to top
Senior Citizen Homestead Exemption:
An annual homestead exemption limited is granted for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interests therein a evidence by a written instrument, except for a leasehold interest of land on which a single family residence is located, which is occupied as a residence by a person 65 years or older who has an ownership interest therein, legal, equitable or as a lessee, and on which he or she is liable for the payment of property taxes. A reduction of $2,000 off the assessed value of the residence.You must renew this exemption every year. back to top
Senior Citizen Assessment Freeze Homestead Exemption:
A senior citizens assessment freeze homestead exemption is granted for real property that is improved with a permanent structure that is occupied as a residence by and applicant who (i) is 65 years of age or older during the taxable year (ii) has a household income of $40,000 or less in taxable year and thereafter, (iii) is liable for paying real property taxes on the property and (iv) is an owner of record of the property or has a legal or equitable interest in the property as evidenced by a written instrument. This homestead freeze will allow the assessment to be frozen for the year the applicant fully qualifies and will remain that level until the applicant no longer owns his or her residence. You must apply for and qualify for this exemption every year. back to top
Property up to an assessed value of $58,000 owned and used exclusively by a disabled veteran, or the spouse or unmarried surviving spouse of the veteran, as a home, is exempt. A disable veteran means a person who has served in the Armed Forces of the United States and whose disability is of such a nature that the Federal Government has authorized payment for purchase or construction of Specially Adapted Housing as set forth in the United States Code, Title 38, Chapter 21, Section 2101. back to top
Senior Citizens Real Estate Tax Deferral Program:
The Senior Citizen Tax Deferral Program is a tax relief program that allows qualified senior citizens to defer all or part of payments for property taxes and special assessments on their principal residences. The program allows qualified persons to defer property taxes and special assessments; it does not cancel or "forgive" the amounts that are due. The deferral is similar to a loan against the property's market value. A six percent simple interest rate is charged on the deferred amounts. A lien is filed upon the property in order to ensure repayment of this deferral.
The deferral does not have to be repaid, however, until the taxpayer's death or when the property is sold, transferred, or otherwise ceases to qualify for this program. Deferrals can be continued by a surviving spouse who is at least 55 years of age within six months of the taxpayer's death. Otherwise, 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.
If the taxpayer meets the program qualifications, the county collector (treasurer) will send a copy of the property tax bill to the Illinois Department of Revenue. The department then pays the tax bill to the county collector by June 1 or within 30 days of receipt of the tax bill, whichever is later. The owner must apply by March 1 every year with the County Treasurer. back to top
Qualifications:
1. Reached 65 years of age by June 1 of the taxing year
2. A total annual household income that is not greater than $25,000*
3. Owned and occupied the property of or other qualifying property for at least the last 3 years
4. No delinquent property taxes and special assessments on the property
5. Adequate insurance against fire or casualty loss
6. Written approval from any joint owners to participate in the program
*What is included in the $25,000 total "household income"?
1. Alimony
2. Black lung benefits
3. Business income
4. Capital gain
5. Cash assistance from public aid
6. Cash winnings from raffles, lottery, etc.
7. Civil service benefits
8. Dividends
9. Farm income
10. Interest
11. Interest on life insurance policies
12. Lump sum Social Security payments
13. Monthly insurance benefits
14. Pension, annuity, and certain IRA benefits