Homestead Exemption Application For Senior Citizens In Illinois
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FAQ
Illinois says that a homestead is owned and occupied by the person as their home. It includes surrounding property that is not separated from the home by someone else's property.
Homestead exemptions primarily work by reducing your home value in the eyes of the tax assessor. So if you qualify for a $50,000 exemption and your home is worth $200,000, then you will be taxed as if your home is worth only $150,000.
You will have to apply: You typically need to apply for a senior freeze. You may not need to renew it every year, but generally, the first year you would have to apply for a property tax exemption. It likely won't automatically be granted to you.
General Homestead Exemption: is given to owner-occupied residential property, the exemption has a maximum reduction of $6,000 in assessed valuation. Make sure this exemption appears on your tax bill if this is your permanent residence.
You must apply for the exemption with the County Assessment Office. You can get an application here General Homestead Exemption Form or you can call 630-208-3818 and one will be mailed to you.
General Homestead Exemption is better known as the Owner Occupied Exemption. This exemption allows for a reduction up to $6,000 off of the equalized assessed value (EAV). The amount of the exemption is calculated by comparing the 1977 EAV with the current EAV.
Benefit: Following the Illinois Property Tax Code, this exemption lowers the equalized assessed value of the property by $8,000.
Senior Citizens Homestead Exemption The maximum amount of the reduction in equalized assessed value is $8,000 in Cook County and counties contiguous to Cook County or $5,000 in all other counties.
