Property Tax Relief (Exemptions)

General Homestead Exemption
This annual exemption is available for residential property that is occupied as the principal dwelling place by the owner or a lessee with an equitable interest in the property and an obligation to pay the property taxes on the leased property. The amount of the exemption is the increase in the current year's equalization assessed value (EAV), above the 1977 EAV, up to a maximum of $5,000. The General Homestead Exemption may be granted automatically or may require an initial application to be filed with the Chief County Assessment Office.

Homestead Improvement Exemption
This exemption is limited to the fair cash value that was added to the homestead property by any new improvement, up to an annual maximum of $75,000. The exemption continues for 4 years from the date the improvement is completed and occupied. Applications for the Homestead Improvement are available from the Chief County Assessment Office.

Senior Citizens Homestead Exemption
This annual exemption is available for residential property that is occupied as a principal residence by a person that is 65 years of age or older during the assessment year. The person must own or have a legal or equitable interest in the property during the assessment year and be liable for the payment of the property tax. The amount of the exemption for 2007 tax year (payable in 2008) is $3,500, and beginning with the 2008 tax year (payable in 2009) is $4,000. The initial application must be filed with the Chief County Assessment Office. The annual renewal application will be provided by the office.

Senior Citizens Assessment Freeze Homestead Exemption
This exemption allows senior citizens who have a total household income of less than $50,000 for the 2007 tax year (payable in 2008) and $55,000 beginning with the 2008 tax year (payable in 2009), and meet certain other qualifications to elect to maintain the equalized assessed value (EAV) of their homes at the base year EAV, and prevent any increase in that value due to inflation. The amount of the exemption benefit is determined each year based on:
  1. the property's current EAV minus the frozen base year value (the property's prior year's EAV for which the applicant first qualifies for the exemption)
  2. the applicants total household income
Each year applicants must complete and file PTAX-340, Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit with the County Assessment Office.

Disabled Veteran's Homestead Exemption
This exemption may be up to $70,00 of the assessed value for certain types of housing owned and used by a disabled veteran or his or her unmarried surviving spouse. The Illinois Department of Veterans' Affairs determines the eligibility for this exemption, which must be reestablished annually. This exemption is also available on a mobile home owned and used exclusively by a disabled veteran or their spouse.

New Disabled Veterans Standard Homestead Exemption
This exemption provides a reduction in a property's EAV to a qualifying property owned by a veteran with a service-connected disability certified by the U.S. Department of Veterans' Affairs. A $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 50%, but less than 75%, or a $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 75%. A disabled veteran must file an annual application with the County Assessment Office.

New Returning Veterans' Homestead Exemption
This exemption provides a 1-time $5,000 reduction in a property's equalized assessed value (EAV) to qualifying veterans who return from active duty in an armed conflict involving the armed forces of the United States. To receive this exemption, the veteran must file an application upon their return home with the County Assessment Office.

New Disabled Person's Homestead Exemption
This exemption provides a $2,000 reduction in a property's EAV to a qualifying property owned by a Class 2 or 2A disabled person. A disabled person must file an annual application with the County Assessment Office.