|
Printer
Friendly Version (pdf)
General Homestead
Exemption
This annual
exemption is available for residential property that is occupied as
the principal dwelling place by the owner or a lessee with an
equitable interest in the property and an obligation to pay the
property taxes on the leased property. The amount of exemption is
the increase in the current year’s equalized assessed value (EAV),
above the 1977 EAV, up to a maximum of $5,500 for 2008 and $6,000
for 2009. In Adams County, the township assessor indicates who is
eligible for this reduction.
Homestead
Improvement Exemption
This exemption is
limited to the fair cash value that was added to the homestead
property by any new improvement, up to an annual maximum of $75,000.
The exemption continues for four years from the date the improvement
is completed and occupied. Application for Homestead Improvement
Exemption is required by the Supervisor of Assessments.
Top of Page
Senior Citizens
Homestead Exemption
Persons 65 years of age or older
who own a home, or have a legal or equitable interest in the home by
a written instrument, or have a leasehold interest in the
single-family residence, live in the home, and are liable for the
payment of property taxes are eligible to apply for a “homestead
exemption” which reduces the equalized assessed value of their home
by $4,000 in 2008. In Adams County, this exemption is handled
through the Supervisor of Assessments’ office, and must be renewed
yearly.
Top of Page
Senior Citizens
Assessment Freeze Homestead Exemption
The senior citizens assessment
freeze homestead exemption allows qualified senior citizens to elect
to maintain the equalized assessed value of their home at the base
year value and prevent any increase due to inflation. The base year
generally is the year prior to the year the senior citizen first
qualifies and applies for the exemption.
The assessment freeze homestead
exemption does not freeze the amount of your property tax bill,
which could increase if the tax rate increases. The assessment and
tax bill may also increase if improvements are added to the home.
However, if the equalized assessed value of the home decreases in
the future, the senior citizen would benefit from any reduction.
To qualify for the senior
citizens assessment freeze homestead exemption, you must be 65
years of age or older during the taxable year, and have a total
household income of no more than $55,000 for 2008. In addition, you
must have used the property as your principal place of residence for
the previous year and the current year. Also, you must have owned
the property, or had a legal or equitable interest in the property
by a written instrument, or had a leasehold interest in the
single-family residence as of January 1 of the previous and the
current year, and you must be liable for the payment of property
taxes on the property. In Adams County, this exemption is handled
through the Supervisor of Assessments’ office, and must be renewed
yearly.
Top of Page
Disabled
Veterans’ Exemption
This exemption may
be up to $70,000 of the 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 reestablished
annually. This exemption is also available on a mobile home owned
and used exclusively by a disabled veteran or their spouse.
Top of Page
Returning Veterans’ Homestead
Exemption
New for 2007 (property taxes paid
in 2008) Returning Veterans’ Homestead Exemption (35 ILCS 200/15-167) provides a
one-time $5,000 reduction in a property’s equalized assessed value (EAV)
to qualifying veterans who return from active duty in an armed
conflict involving the armed forces of the United States. To
receive this exemption, the veteran must file an application upon
their return home. In
Adams County, this exemption is handled through the Supervisor of
Assessments’ office.
Top of Page
Disabled Persons’ Homestead
Exemption
New 2007 (property taxes paid in
2008) Disabled Persons’ Homestead Exemption (35 ILCS 200/15-168) provides a
$2,000 reduction in a property’s EAV to a qualifying property owned
by a disabled person. A disabled person must file an annual
application by the county’s due date to continue to receive this
exemption. In Adams
County, this exemption is handled through the Supervisor of
Assessments’ office, and must be renewed yearly.
Top of Page
Disabled Veterans’ Standard
Homestead Exemption
New 2007( property taxes paid in
2008) Disabled Veterans’ Standard Homestead Exemption (35 ILCS
200/15-169) provides a reduction in a property’s EAV to a qualifying
property owned by a veteran with a service-connected disability
certified by the U. S. Department of Veterans’ Affairs. A $2,500
homestead exemption is available to a veteran with a
service-connected disability of at least 50% but less than 75% or a
$5,000 homestead exemption is available to a veteran with a
service-connected disability of at least 75%. A disabled veteran
must file an annual application by the county’s due date to continue
to receive this exemption. In
Adams County, this exemption is handled through the Supervisor of
Assessments’ office, and must be renewed yearly.
Top of Page
Non-homestead
Exemptions for Religious, Charitable, or Educational Organizations
Properties of
religious, charitable, and educational organizations, as well as
units of federal, state and local governments, are eligible for
exemption from property taxes to the extent provided by law. The
organization must apply for exemption to the county board of review
which reviews the application and forwards it to the Department of
Revenue for the final administrative decision.
Top of Page
|
