Illinois Historic Resident Freeze-2018 is a program designed to protect the tax assessments of homeowners living in certain historic districts in Illinois. The program freezes the assessment of a person’s primary residence in a historic district at the assessed value established prior to any property improvements. This freeze is in place for as long as the owner occupies the residence and the improvements do not increase the value of the property by more than 10%. The eligible historic districts for the freeze are in the counties of Cook, Dupage, Kane, Lake, McHenry, and Will. There are two types of freezes available: a Full Freeze and a Partial Freeze. The Full Freeze applies to homeowners who obtain a Certificate of Appropriateness from their local historic preservation commission prior to making any improvements to their property. The Partial Freeze applies to homeowners who do not obtain the Certificate of Appropriateness but still make improvements to their property. Illinois Historic Resident Freeze-2018 is an important program for homeowners living in historic districts, providing them with peace of mind that their assessment won't be increased due to property improvements.
Illinois Historic Resident Freeze-2018
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FAQ
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 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 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.
Cook County Class 9 Program offers a 50% reduction in assessments and taxes to developers who complete major rehab on multifamily buildings and keep rent below certain levels.
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).
Class 6b. Designed to encourage industrial development throughout Cook County by offering a real estate tax incentive for the development of new industrial facilities, the rehabilitation of existing industrial structures, and the industrial reutilization of abandoned buildings.