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Exemptions Reduce Taxes

Do you have yours?

To qualify for any property exemption, 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 assessed value by -$8,000.
  • No Annual Renewal

Senior Homestead Exemption

  • Have reached age 65 during the tax year.
  • This exemption lowers the assessed value by -$8,000.
  • No income requirement
  • No Annual Renewal

Senior Citizens Assessment Freeze Homestead Exemption

  • This exemption freezes the taxable assessed value on your property. It does not freeze the taxes as tax rate fluctuations can impact the tax amount.
  • Income requirement: your total household income must be $65,000 or less.
  • This exemption must be renewed annually.

Homestead Improvement Exemption

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

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.
  • This exemption must be renewed annually.

Standard Homestead Exemption for Veterans with Disabilities

  • The property must be your principal residence on or before January 1st
  • It must be a service-connected disability.
  • A disability of 70% or higher will be tax exempt up to 250,000 assessed value.
  • A disability between 50% and 70% will reduce the assessed value $5,000.
  • A disability between 30% and 50% will reduce the assessed value $2,500.
  • An un-remarried surviving spouse of a disabled veteran can continue to receive this exemption.
  • This exemption must be renewed annually.
  • If 100% disabled, no renewal is required after 2023.
  • World War 2 veterans or surviving spouse will be tax exempt

Returning Veterans’ Homestead Exemption

  • Lowers the equalized assessed value of your property by $5,000 for two consecutive years after return from active duty in an armed conflict.

Disabled Veterans Exemption (Adaptive Housing)

  • Up to $100,000 of the equalized assessed value can be exempted.
  • The Federal Government has authorized payment for the purchase or construction of housing which has special adaptations for the disability.
  • You apply for this exemption through the Illinois Department of Veterans’ Affairs.

Smartfile for On-Line Applications for all Exemptions

Jeffrey A. Lee
37850 N. IL Rte. 59
Lake Villa, IL 60046
Phone: 847-356-2383
Email: Assessor@lakevillaassessor.org

Office Hours: Monday – Friday 8:00 am to 4:00 pm