Homeowner Exemptions

Illinois law currently provides taxpayers with several exemptions, the use of which will help curb the amount of property tax owed to the county treasurer. The amounts and criteria for the exemptions are as follows:

1. General Homestead Exemption (Owner Occupied)

This exemption could lower the equalized assessed value of the property up to $6,000. To qualify, you must own the property and must have lived in the property Jan. 1 of the year you apply. The exemption amount is derived by taking the current assessed value less the 1977 assessed value. The maximum of this is exemption is $6,000.

2. Senior Homestead Exemption

Persons age 65 or older who meet qualifications for the General Homestead Exemption may receive a $4,000 reduction in equalized assessed value.

3. Homestead Improvement Exemption

If you make an improvement or an addition to the home that you own and occupy, the assessment increase due to that alteration may be kept off the tax rolls for 4 years. There is a maximum $25,000 assessed value that may be exempted.

4. Senior Citizens Assessment Freeze

This exemption requires the same conditions as 1 & 2 and in addition, the HOUSEHOLD income must be $55,000 or LESS. Your income tax agent can assist you in completing the form.

5. Tax Deferral

To find out about this program contact the County Treasurers Office.

6. Circuit Breaker

To find out about this program contact the local Senior Center.