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