Exemptions reduce the taxes you owe on your property. Exemptions appear on your second installment property tax bills only.
Homeowner: To qualify for the Homeowner exemption, you must own (or have a lease or contract which makes you responsible for the real estate taxes) and occupy the property as your principal residence on January 1 of the tax year for which you are applying. This exemption will be prorated if you purchased a newly constructed home that was not ready for occupancy until sometime after January 1 of the tax year in question.
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- The Homeowner exemption reduces the home’s Equalized Assessed Value by $10,000.
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Senior: To qualify for the Senior exemption, you must own and occupy your property as your principal residence and be 65 or older in the tax year for which you are applying.
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- The Senior exemption reduces the home’s Equalized Assessed Value by $8,000.
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Low-Income Senior Citizens Assessment Freeze: In addition to meeting the Senior Exemption requirements, you must have:
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- Owned and occupied the property as your principal residence January 1 of the tax year and January 1 of the prior year,
- Total gross household income of $65,000 or less for the year prior to the tax year. This includes all Social Security income received including Medicare benefits. It also includes income for everyone that lives in the home.
- This exemption freezes the home’s Equalized Assessed Value.
The “Senior Freeze” must be renewed every year.
Persons with Disabilities: In addition to meeting Homeowner Exemption requirements, you must be disabled or become disabled during the tax year.
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- This exemption reduces the home’s Equalized Assessed Value by $2,000.
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Veterans with Disabilities: To qualify for the Veterans with Disabilities exemption, you must:
- Own and occupy the property as your primary residence in the tax year,
- Be an Illinois resident who has served as a member of the United States Armed Forces on active duty or state active duty, a member of the Illinois National Guard or U.S. Reserve Forces, and has been honorably discharged,
- Have at least a 30% service-connected disability certified by the U.S. Department of Veterans Affairs (veterans whose service-connected disability is less than 30% can apply for Persons with Disabilities exemption instead),
- Or be a non-remarried surviving spouse of a disabled veteran who had a service-connected disability certified by the VA and has been a resident of Illinois from the time of the veteran’s death through this taxable year.
If you own a multi-unit property, such as a three-flat building, you are only eligible to receive the exemption towards the unit you occupy and not those that are rented for more than 6 months.
- This exemption reduces the home’s Equalized Assessed Value as follows:
The Veterans with Disabilities must be renewed every year, with the exception of those veterans designated as 100% totally and permanently disabled.
Returning Veterans: To qualify for the Returning Veterans exemption, you must:
- Must be an Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard, or U.S. Reserve Forces,
- Return from active duty in an armed conflict involving the armed forces of the U.S. in the tax year,
- Either own or had a legal or equitable interest in the property and used it as a principal place of residence on January 1 of the tax year,
- Be liable for the payment of property taxes.
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- This exemption reduces the home’s Equalized Assessed Value by $5,000 for each year you return.
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