Exemptions Available to Taxpayers
Illinois law currently provides taxpayers with four homestead exemptions which may reduce the total equalized assessed valuation by the mandated amount for each exemption prior to the computation of the dollar amount of taxes due. The exemptions are as follows:
1. Homestead Limited Exemption
This exemption will lower the equalized value of the property by a maximum of $5,000. To qualify, you must own and live on the property.
2. Senior Homestead Exemption
If you are the owner of a residential property, occupied it prior to Jan. 1 of the assessment year and turned 65 anytime during the assessment year, your equalized value may be reduced by $3,500 of assessed value.
3. Senior Assessment Freeze
This exemption freezes applicants qualifying assessed valuation by establishing a base assessment year. This will be used to compute future taxes each year applicant qualifies. This base assessed valuation will be used in computing the amount of taxes. You must file an annual application and meet age (65+), owner, and annual gross income criteria mandated by statute to continue to qualify.
4. Homestead Improvement Exemption
If you add an assessable improvement or addition to your residence the increase in assessed valuation up to $25,000 may be exempted for up to four (4) years from the date of completion. This request for exemption is initiated by the Township Assessor to the Supervisor of Assessments.