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 $5,000.
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. The Homestead Improvement Exemption may be granted
automatically or Form PTAX-323, Application for Homestead
Improvement Exemption may be required by the Supervisor of
Assessments or County Assessor. In Cook County, an
application must be filed with the County Assessor along
with a valuation complaint.
Senior Citizens Assessment Freeze Homestead Exemption
This exemption allows senior citizens who have a total
household income of less than $45,000, and meet certain
other qualifications to elect to maintain the equalized
assessed value (EAV) of their homes at the base year EAV and
prevent any increase in that value due to inflation.
Qualified individuals must complete and file Form PTAX-340,
Senior Citizens Assessment Freeze Homestead Exemption
Application and Affidavit, each year with the Supervisor of
Assessments or County Assessor.
Senior Citizens Homestead Exemption
This exemption allows a $3,000 reduction in the EAV of
the property that a person 65 years of age or older is
obligated to pay taxes on, and owns and occupies, or leases
and occupies as a residence. Generally, the initial
application, Form PTAX-324, Application for Senior Citizens
Homestead Exemption, must be filed with the chief county
assessment officer (CCAO).
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 $40,000 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. A lien is filed on the
property in order to ensure repayment of the deferral. The
state pays the property taxes and then recovers the money,
plus 6 percent annual interest, when the property is sold or
transferred. The deferral must be repaid within one year of
the taxpayer’s death or 90 days after the property ceases to
qualify for this program. The maximum amount that can be
deferred, including interest and lien fees, is 80 percent of
the taxpayer’s equity interest in the property. To apply for
real estate tax deferrals, Forms PTAX-1017-TD, Application
for Deferral of Real Estate Taxes, and PTAX-1018-TD, Real
Estate Tax Deferral and Recovery Agreement, must be
completed. To apply for special assessment deferrals, Forms
PTAX-1017-SA, Application for Deferral of Special
Assessments, and PTAX-1018-SA, Special Assessments Deferral
and Recovery Agreement, must be completed. Contact your
local County Treasurers Office to receive the necessary
forms, or further information on the program.
Disabled Veterans’ Exemption
This exemption may be up to $58,000 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.
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 for the
final administrative decision.
Note: See Articles 10 and 18 of the Property Tax Code for
other tax relief provisions.
** For more information on deductions, please contact
Madison County Assessment Office at (618) 692-6270.
