Issue Position: Property Taxes

Issue Position

ILLINOIS PROPERTY TAX RELIEF PROGRAMS
Many Illinois homeowners may qualify for reductions on their property tax bills. Below are several programs available to residents designed to provide tax relief.

For more information about property tax exemptions you may qualify for, or to obtain the necessary applications, please contact Rep. Zalewski's constituent service office at 708 442-6500.

General Homestead Exemption

This annual exemption, up to $7,000 is available for residential property that is occupied as the principal dwelling place of the owner who is liable for the payment of the property taxes.

Long-time Occupant Homestead Exemption

The exemption is available for residential property in Cook County occupied as a primary residence for 10 continuous years by a qualified taxpayer with a total household income of $100,000 or less. It limits EAV increases to a specific annual percentage increase based on the total household income. A total household income of $75,000 or less is limited to a 7% annual percentage increase in EAV; a total household income of over $75,000 to $100,000 is limited to a 10% annual percentage increase in EAV.

Disabled Persons' Homestead Exemption

This exemption is an annual $2,000 reduction in Equalized Assessed Valuation (EAV) of a primary residence that is owned and occupied by a disabled person who is liable for the payment of property taxes. The exemption must be renewed each year.

Disabled Veterans' Homestead Exemption

This exemption provides up to a $70,000 reduction in assessed value for certain types of housing owned and used by a disabled veteran or his or her unmarried surviving spouse. The Illinois Department of Veterans' Affairs determines the eligibility for this exemption, which must be applied for annually.

Senior Citizens Assessment Freeze Homestead Exemption

This exemption allows senior citizens who have a total household maximum income of less than $55,000, and meet certain other qualifications, to maintain the EAV of their homes at the base year EAV and prevent any increase in that value due to inflation. The exemption must be renewed each year.

Senior Citizens Homestead Exemption

This annual exemption provides a $5,000 reduction in the EAV of a residential property occupied as the principal residence of a person who is 65 years of age or older during the assessment year. The person must be the owner or a lessee who has an ownership interest in the property with a single-family residence and is liable for the property taxes. Cook County residents must file for the exemption each year.

Senior Citizens Real Estate Tax Deferral Program

This program allows persons 65 years of age and older, who have a total household income of less than $50,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences. The deferral is similar to a loan against the property's market value. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred.

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