Illinois Historic Resident Freeze-2013 (also known as the "Freeze") is a property tax relief program offered by the State of Illinois to qualifying homeowners in the state. The Freeze provides eligible homeowners with a freeze on their property taxes, preventing their taxes from increasing while their property's value goes up. The Freeze applies to homes that were owned and occupied by the same owner-occupants on January 1, 2013, and have been continuously owned and occupied by the same owner-occupant since that date. Qualifying homeowners must meet several criteria, including having a household income of up to $75,000 per year and having a property tax bill that is at least 2% of the home's equalized assessed value. There are two types of Freeze: the Senior Citizen Homestead Exemption Freeze and the General Homestead Exemption Freeze. The Senior Citizen Homestead Exemption Freeze is available to individuals who are 65 years or older, and the General Homestead Exemption Freeze is available to all other qualifying homeowners. Both freezes provide the qualifying homeowner with a property tax freeze, preventing their taxes from increasing while their property's value goes up.
Illinois Historic Resident Freeze-2013
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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 Illinois Historic Preservation Tax Credit offers a 25 percent credit for eligible expenditures on rehabilitation of properties eligible for the federal historic credit located in designated River Edge Redevelopment Zones approved by the state in portions of Aurora, East St. Louis, Elgin, Peoria, and Rockford.
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.
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).
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.
Frequently Asked Questions $100,0002022 Estimated Fair Market Value-$8,0002022 Senior Exemption$21,1602022 Adjusted Equalized Assessed ValueX.082022 Tax Rate (example; your tax rate could vary)$1,692.80Estimated Tax Bill in dollar amount4 more rows