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TYPICAL EXEMPTIONS

Update for 2009

The following exemptions are the most common exemptions taken by property owners of private residences. Each requires applying for the exemptions, and each has restrictions. The county assessors office will provide you with the necessary application and complete information as to any requirements.

General Homestead Exemption: A reduction of up to $6000 off the assessed value of the residence. This is offered to the property owner who resides in the home as the primary residence. Only one such property qualifies. It is pro rated as of the date of residency.

Home Improvement Exemption: This exemption reduces the increase in assessed value attributed to a new improvement for a four year period. This applies only to the residence and attached garage.

Senior Citizen Homestead Exemption: A reduction of $4000 of the assessed value of residence. This is in addition to the General Homestead Exemption when the property owner is 65 years or older.

Senior Citizen Assessment Freeze Exemption: This exemption will "freeze" the assessed value of the residence at a certain value. This applies to the primary residence for property owners of 65 or older with a total combined income of all residents of the household totaling less than $55,000. The assessment applicable at the time of the freeze will be used for computing your real estate taxes (subject to conditions).

Senior Citizen Real Estate Tax Deferral: This act permits the deferral of real estate taxes on the residence. The deferred taxes become a lien on the property, to be paid when the property is sold. There is an income limit of $50,000.

"Circuit Breaker" for Senior & Disabled: Administered by the state Department of Revenue, this program offers grants/reimbursements for property taxes and pharmaceutical purchases, based on income and disability status. Application should be filed with the Illinois Department of Revenue. There is an accumulated interest charge.

Disabled Veterans Exemption: Property up to an assessed value of $70,000, owned and used exclusively by a disabled veteran, or the spouse or unmarried surviving spouse of the veteran, as a home, is exempt. As used in this Section, a disabled veteran means a person who has served in the Armed Forces of the United States and whose disability is of such a nature that the Federal Government has authorized payment for purchase or construction of Specially Adapted Housing as set forth in the United States Code, Title 38, Chapter 21, Section 2101.    The exemption applies to housing where Federal funds have been used to purchase or construct special adaptations to suit the veteran's disability.