Illinois Homestead Exemption For Seniors In Orange
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FAQ
Retirees and other older homeowners on fixed incomes may reduce their tax bill by taking advantage of "Senior Freeze." To qualify for the “Senior Freeze” exemption, the applicant must: Be at over 65 years old. Have a total annual household income of $65,000 or less.
The Senior Homestead Exemption provides for a maximum of an $8,000 reduction from the equalized assessed valuation. For a senior whose property is subject to an average tax rate of $7.2970 per one hundred dollars of assessed value, this results in a tax savings of $584 ($8,000 x 7.2970%.).
Senior Citizen Homestead Exemption – Homeowners age 65 or older and living in their own home could be entitled to an additional homestead exemption. The homeowner should sign up for this exemption during the year in which he or she will turn 65. You will receive a renewal every year around January 1st.
Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1958 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.
Senior Citizen Homestead Exemption – Homeowners age 65 or older and living in their own home could be entitled to an additional homestead exemption. The homeowner should sign up for this exemption during the year in which he or she will turn 65. You will receive a renewal every year around January 1st.
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 2022 calendar year. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.
Exemption forms may be filed online, or you can obtain one by calling one of the Assessor's Office locations or your local township assessor. Do I have to apply every year? No. Once you apply, the Homeowner Exemption will renew automatically in subsequent years as long as your residency remains the same.
Filing requirements vary by county; some counties require an initial Form PTAX-324, Application for Senior Citizens Homestead Exemption, or a Form PTAX-329, Certificate of Status Form for Senior Citizens Homestead Exemption (annual renewal application) to be filed with the Chief County Assessment Office.
