The Illinois Historic Resident Freeze-2015 is a property tax relief program that is available to qualifying Illinois homeowners. It freezes the assessed value of a home that has been owned and occupied by the same owner for at least 15 years, as long as the home is located in an area that has been designated as a National Register Historic District. This freeze helps to ensure that property taxes do not go up due to increases in the property’s value. There are two types of Illinois Historic Resident Freeze-2015: the Homestead Exemption and the Senior Citizens Assessment Freeze. The Homestead Exemption allows qualified homeowners to receive a reduction in their assessment if the home has been owned and occupied by the same owner for at least 15 years. The Senior Citizens Assessment Freeze allows seniors aged 65 or older to receive a property tax freeze on their primary residence regardless of whether it is located in a historic district or not.
Illinois Historic Resident Freeze-2015
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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.
Property Tax Freeze for Historic Residences What it does: Freezes property taxes over a 12-year period for rehabilitating an owner-occupied single-family home, condominium, cooperative unit, or a multi- family building of up to 6 units (where one of the units is owner-occupied).
You can get your property taxes lowered by proving that your house is worth less than the assessor says it is. To do this, you have to appeal to your local board of review. You can find contact information for your local board of review on the Illinois Property Tax Appeal Board website.
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.
The Senior Freeze Exemption (Senior Citizens Assessment Freeze Homestead Exemption) allows a qualified senior citizen to apply for a freeze of the equalized assessed value (EAV) of their property for the year preceding the year in which they first apply and qualify for this exemption.
Complete a mail-in application for change of name/address. Forms are available at our office and can be downloaded from the Cook County Treasurer's Office website. Mail-in forms must be notarized and addressed to the Treasurer's office located at 118 N. Clark Street, Room 102, Chicago, IL 60602.
