Exemptions Reduce Taxes

Exemptions Reduce Taxes! Do you have yours?

To qualify for any property exemptions it must be the taxpayer’s principal residence.

General Homestead Exemption

  • The property must be your principal residence on or before January 1st
  • This exemption lowers the equalized assessed by $6,000 in tax year 2009 (payable in 2010) This is exemption increased from $5,500 last year

Homestead Improvement Exemption

  • This exemption defers, for four years, any increase in the assessment of your property due to an addition or other improvement
  • A maximum of $25,000 of assessed value may be deferred under this program.

Senior Homestead Exemption

  • Have reached age 65 during the tax year.
  • This exemption lowers the equalized assessed by $5,000
  • No income requirement

Senior Citizens Assessment Freeze Homestead Exemption

  • This exemption freezes the taxable assessed value on your property
  • Income requirement; your total household income must be $55,000 or less.
  • This exemption must be renewed annually.

Disabled Persons’ Homestead Exemption

  • This exemption lowers the equalized assessed value of your property by $2,000
  • Be disabled under the Federal Social Security Act and supply either:
    • A copy of your Illinois Disabled Person Identification Card or.
    • Proof of Social Security Administration Social Security Benefits.
  • Please note that this exemption requires annual verification of eligibility.

Returning Veterans’ Homestead Exemption

  • Lowers the equalized assessed value of your property by $5,000 in the year you return from active duty in an armed conflict.
  • It is a one-year exemption

Standard Homestead Exemption for Veterans with Disabilities (SHEVD)

This exemption provides a reduction in equalized assessed value (outlined below) of a primary residence occupied by a veteran with a disability, or the veteran’s surviving spouse. This exemption can be claimed in addition to the General Homestead Exemption and the Senior Homestead Exemption.

  • A disabled veteran with a 70% or higher service-connected disability will be tax exempt.
  • A disabled veteran with at least 50%, but less than 70% service-connected disability will receive a $5,000 reduction in the property’s EAV.
  • A disabled veteran with at least 30%, but less than 50% service-connected disability will receive a $2,500 reduction in property’s EAV.