Tax Relief / Exemptions
Homestead Revaluation Exemption
Known as the owner occupied exemption, this exemption lowers the equalized assessed value of your property by $6,000. To receive this exemption, you must:
- Have lived on the property on or before January 1st of the tax year.
- Have the exemption initiated by the Township Assessors Office.
- No annual application required.
Homestead Improvement Exemption
This exemption defers for up to four years any increase in the assessment of your property due to an addition or other improvement to your home for which the township assessor would add value. A maximum of $25,000 of assessed value may be deferred under this program. (effective January 1, 1998) The Township Assessor's Office initiates this exemption. The property has to be the taxpayer's principal residence. No annual application required.
Senior Citizen Tax Deferral Program
This program allows qualified senior citizens to defer all or part of the property taxes on their personal residence. It's a form of a loan with a 6% interest rate, which is to be repaid after the taxpayer's death or at the time the property is sold. Each year, the County Assessment Office mails information to all taxpayers receiving a senior homestead exemption informing them of the program and its deadlines.
To qualify you must:
- Be 65 or older by June 1 of the tax year.
- Have a maximum household income of $55,000.
- Have lived in the property or other qualifying property for at least 3 years, except for periods in which you may have resided temporarily in a nursing or sheltered care home.
- Own the property which must be used exclusively for residential purposes. This includes a condominium or a dwelling unit in a multi-dwelling building that is owned and operated as a cooperative. Please note that joint ownership under this program is limited to you and your spouse.
- Not owe any delinquent property taxes on the property.
Note: The filing deadline for the program is March 1 of the tax year.
How much may be deferred?
Eligible residents may defer part or all of their property taxes for each year in which they qualify. The maximum, which may be deferred (including interest and fees), is 80% of the taxpayer's equity in the property.
When must deferred taxes be paid?
Property taxes, which are deferred under this program, become due when the residence is sold or upon the death of the taxpayer. A surviving spouse who is at least age 55 within six months of the taxpayer's death may continue the deferral.
How does one apply for this tax deferral program?
Application for the Senior Citizens Real Estate Tax Deferral Program must be made each year. The applications include:
- A request for information about the taxpayer, his or her income and the property for which the deferral is being sought.
- A request that any joint owners must agree to the deferral. Presentation of evidence of adequate insurance on the property.
- Completion of an agreement which sets out the conditions of the tax deferral, including the maximum amount which can be deferred, the interest rate to be charged, and arrangements for repaying the "loan."
This exemption lowers the equalized assessed value of your property by $5,000, and may be claimed in addition to the Homestead Exemption. To receive this exemption, you must:
- Have lived on the property on or before January 1 of the tax year.
- Have reached age 65 during the tax year.
- Apply for the exemption at the Assessor's Office. You will need to bring a copy of the deed to the property and proof of age with you when you apply. Application required in first year only. The application is maintained automatically after initial filing year.
This exemption freezes the taxable assessment on your property, but does not freeze the tax rate. This exemption allows seniors who are 65 years of age or older during the assessment year with a total household income of $65,000 or less to freeze the assessed value of their home at a base year value and prevent any increase due to inflation. The base year is the year prior to the year you first qualify and apply for the exemption. You must file an application by September of every year if you expect to receive the exemption. A "base year" is established for which the EAV (equalized assessed value) is "frozen." The "base amount" will change if improvements are added. Exemption amount is the difference between "frozen" base EAV and the current year EAV.
This exemption provides a one-time $5,000 reduction in a property’s equalized assessed value (EAV) to qualifying veterans who return from active duty in an armed conflict involving the armed forces of the United States. To receive this exemption, the veteran must file an application upon their return home.
This exemption provides a $2,000 reduction in a property’s EAV to a qualifying property owned by a disabled person. A disabled person must file an annual application by the county’s due date to continue to receive this exemption.
This exemption provides a reduction in a property’s EAV to a qualifying property owned by a veteran with a service-connected disability certified by the U. S Department of Veterans’ Affairs. A. If the veteran has a service-connected disability of 30% or more but less than 50%, then the annual exemption is $2,500; if the veteran has a service-connected disability of 50% or more but less than 70%, then the annual exemption is $5,000; and if the veteran has a service connected disability of 70% or more, then the residential property is exempt from taxation under this Code.
Disabled Veterans’ Homestead Exemption
This exemption provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing and will continue to be available through the local Veterans’ Affairs Office. A disabled person’s or disabled veteran’s property can receive only one of the following exemptions each year: Disabled Veterans’ Exemption (35 ILCS 200/15-165), Disabled Persons’ Homestead Exemption (35 ILCS 200/ 15-168) or the Disabled Veterans’ Standard Homestead Exemption (35 ILCS 200/15-169).
Please direct additional questions regarding exemptions to the Supervisor of Assessments office at 672-6910.