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There will be $49.7 million in new Property Tax Relief Grants (PTRG) for FY 2023.
Income eligibility varies widely, but most programs serve households with incomes ranging from 50 to 120 percent of area median income. Most jurisdictions require the homes to remain af- fordable for the long term; 30 to 50 years is not un- common.
Qualified property owners will receive a rebate equal to the property tax credit claimed on their 2021 IL-1040 form, with a maximum payment of up to $300. To be eligible, you must have paid Illinois property taxes in 2021 on your primary residence and your adjust gross income must be $500,000 or less if filing jointly.
The Illinois Affordable Housing Program is hereby created for the purpose of developing and coordinating public and private resources targeted to meet the affordable housing needs of low-income and very low-income households in the State of Illinois.
Owner-occupied units must be priced to be affordable to households earning no more than 100% of Area Median Income (AMI) (if Option 1 is chosen under Subsection (F)(3)) or no more than 80% AMI (if Option 2 is chosen). Note that the ARO allows households earning up to 120% of AMI to purchase the units.
Couples filing jointly with incomes under $400,000 will receive $100. Tax return filers will also receive $100 per dependent they claimed on their 2021 taxes, for up to three dependents. The rebates will be sent automatically to residents who filed 2021 state income taxes and claimed a property tax credit.
For tax levy year 2023, the law sets maximum homestead exemptions of $8,000 for counties bordering Cook County. All other counties will have a maximum exemption of $6,000.
How Do You Become Eligible And What Is the Application Process? You must meet the income limits that HUD sets forth. Must be a U.S. citizen or eligible immigrant. Meet HUD's definition of a family. Pass a general screening to move forward to final underwriting approval. Fill out and complete the written application.
Income eligibility varies widely, but most programs serve households with incomes ranging from 50 to 120 percent of area median income. Most jurisdictions require the homes to remain af- fordable for the long term; 30 to 50 years is not un- common.
Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1956 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.
