Get Il Homestead Group Lease Application 2014-2025

The Illinois Revenue Act (35 ILCS 200/Art. 10 Div. 4) provides owner-occupants with an eight-year freeze on the assessed value of their historic residences. After the eight-year assessment freeze period, there is a four-year period during which the property's assessed value steps up to its current amount.

You may file up to 4 exemptions. These may include: homeowner residents, senior citizens, veterans, disabled veterans, those with disabilities, and home improvements. The remaining value (called the “Adjusted Equalized Assessed Value”) is multiplied by your local tax rate.

This program allows persons 65 years of age and older, who have a total household income for the year of no greater than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments (up to a maximum of $7,500) on their principal residences.

The Senior Citizens Assessment Freeze is an exemption available to senior citizens can apply for a freeze of the assessed value of their property. Applicant must be 65 or older and have a total household income of $65,000 or less and must be the owner of record and use the property as their principal residence.

Who is eligible? The low-income senior citizens assessment freeze homestead exemption qualifications for the 2023 tax year (for the property taxes you will pay in 2024), are listed below. You will be 65 or older during 2023. Your total household income in 2022 was $65,000 or less.

To qualify for the Illinois homestead exemption, you must live in the state for at least 730 days. If you haven't lived in the state for at least this long, you will be required to use the exemptions from the state where you previously lived.

The standard personal exemption is calculated using the basic exemption amount of $2,050 plus the cost-of-living adjustment. For tax years beginning January 1, 2022, it is $2,425 per exemption. If someone else can claim you as a dependent and your Illinois income is $2,425 or less, your exemption allowance is $2,425.

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2021 calendar year. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.

1. Rental Properties: In most cases, rental properties do not qualify for homestead exemptions. 2. Multi-Property Owners: If you own multiple properties that you live in, you are only entitled to receive homestead exemptions on your primary place of residence.