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Are you taking advantage of your possible tax exemptions as a homeowner?

Kimberly Zahand
Apr 9 3 minutes read

Are you taking advantage of your possible tax exemptions as a homeowner?

In Illinois, homeowners can benefit from various property tax exemptions designed to reduce the tax burden on their primary residence. These exemptions are automatically applied in some cases, while in others, homeowners may need to apply or reapply annually. Here are some of the most common property tax exemptions available in Illinois:

General Homestead Exemption (Owner-Occupied Exemption): This exemption is available to property owners who occupy their property as their principal residence. It offers a reduction in the Equalized Assessed Value (EAV) of the home, effectively lowering the property tax bill.

Senior Citizens Homestead Exemption: This exemption provides additional property tax savings to homeowners who are 65 years of age or older and use the property as their principal residence. It further reduces the EAV of the home.

Senior Citizens Assessment Freeze Homestead Exemption: Qualifying senior citizens can apply for this exemption to freeze the assessment of their property at a base year value, potentially protecting them from increases in property taxes as property values rise. Eligibility includes age, income limits, and residency requirements.

Homestead Improvement Exemption: This exemption is designed to encourage homeowners to improve their homes by exempting a portion of the increase in assessed value resulting from an addition or other improvement to the home for a limited number of years.

Disabled Persons' Homestead Exemption: Homeowners with a disability can receive a reduction in their home's EAV. Proof of disability and occupancy as a principal residence are required.

Disabled Veterans' Standard Homestead Exemption: Disabled veterans may qualify for a reduction in the EAV of their property based on the degree of disability. The exemption amount varies with the level of disability.

Veterans with Disabilities Exemption for Specially Adapted Housing: This exemption offers a significant reduction in the EAV for veterans with disabilities who have had their homes specially adapted to accommodate their disability.

To apply for these exemptions, property owners typically need to contact their local county assessor's office. Requirements can vary by county, so it's essential to consult local resources or the assessor's office for specific application procedures, eligibility criteria, and deadlines. Additionally, new homeowners or those who recently became eligible for exemptions due to age, disability, or other factors, may need to apply to start receiving benefits

 

Click on your county to see more:

Dupage | Kane | Will | Cook |  Lake | McHenry

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What people are saying about our Team:

Kimberly was AMAZING in the selling of our house.

Kimberly was AMAZING in the selling of our house. She went out of her way to help us stage our home utilizing her own materials and sold our house in just 14 days and well above value! We will definately be using Kimberly in the upcoming search of our new home! Thank you Kimberly!

— e ledezma

Kimberly is one of the best realtors I have ever worked with.

Kimberly is one of the best realtors I have ever worked with. She is very attentive to what you are looking for and is always there for you. She is amazing. Kimberly is very knowledgeable and always gives you advise on what the property might need fixed. She is an amazing negotiator putting her client first, she helped me get the price I wanted to pay for the house and went above and beyond.

I would highly recommend Kimberly

After arriving into Lake County we had 1 day to look at houses. We called around a couple of realtors, but response was poor until we found Kimberly. We met with her early in the morning with only 3 hours to look at houses before we had to leave. She was so organized and had a whole scheduled set up with a range of houses for us to view. She was awesome taking the time to really understand what we were looking for (we were tricky customers). I came back the next month after narrowing down some houses. Put a contract on one the next day. Husband by this time was deployed so whole transaction took place with him overseas. Everything was super smooth. I would highly recommend Kimberly, in fact thinking of buying another house just so we can work with her again!

— Laura Wittwer

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