This exemption allows senior citizens who meet the 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. This creates the Equalized Assessed Value (EAV) for the property. For a single tax year, the property cannot receive this exemption and the Homestead Exemption for Persons with Disabilities or Standard Homestead Exemption for Veterans with Disabilities. Share this page on your favorite Social network, General Homestead Exemption of Leasehold Properties, Request or Review Madison County Public Records - FOIA, Training & Employment Opportunity - Metro Area, Real Estate Assessment/Tax Information Look-Up, Click Here for Form (PTAX-343) - Application, Click Here for Form (PTAX-343-A) - Physician's Statement, Click Here for Form (PTAX-343-R) - Annual Verification of Eligibility, Click Here for Form (PTAX-342) - Application, Click Here for Form (PTAX-342-R) - Annual Verification of Eligibility, Click Here for Illinois Dept. Owners rights to timely alerts to tax levy increases are also required. The exemption needs to be applied for every year by the 31st of July.Brief Eligibility Requirements:1) Owner Occupied2) Liable for payment of property taxes3) 65 years of age or older during the assessment year4) Total household income of $65,000 or less5) Principal place of residencyPerson with Disabilities Homestead Exemption: Click Here for Form (PTAX-343) - ApplicationClick Here for Form (PTAX-343-A) - Physician's StatementClick Here for Form (PTAX-343-R) - Annual Verification of EligibilityExample of FormsThis exemption reduces the EAV of the parcel by $2,000 only if the primary residence is owned and occupied by a disabled person that is liable for the payment of property taxes. A Sales Comparison valuation is accomplished by comparing a property with like units sold during the last few months in the same area. for the assessment year has the final authority to grant your exemption. The exemption must be reestablished annually by certification from the Illinois Department of Veterans to the Illinois Department of Revenue who forwards the certification list of eligible veterans to the local assessing officials. All other counties will have a maximum For information and to apply for this homestead exemption, contact the Cook County Assessor's Office. Your total household income in 2021 was $65,000 or less. You are eligible to receive a $5,000 reduction in the EAV of your property only for each taxable year in which you return. Payments for bonds issued without voter approval are subject to strict limitations. More seniors could soon qualify for property tax freeze - Daily Herald Wages and benefits for government employees also represent a large expenditure. Market value has been defined by The Supreme Court as the sale price of real estate as agreed upon between a willing buyer and willing seller, with neither being under duress to buy or sell. The information maintained on this website should not be relied upon for any purposes except for those of the Madison County Government staff. Veterans or surviving spouses of veterans with a service-connected disability of 70% or more will be exempt from paying property taxes on their primary residences (100% reduction in EAV). Within those limits, Madison sets tax rates. Beginning in tax year 2007 and after, this exemption is an annual reduction in equalized assessed value on the primary residence occupied by a qualified veteran with a disability. Web_____IL _____ City Printed by the authority of the ZIP 2 of 4 PTAX-340 (R-12/22) This form is authorized in accordance with the Illinois Property Tax Code. Absent an individual tour, this conceivably stale and approximative information combined with recent sales stats is what assessors are usually provided with every reassessment cycle. Additional property tax relief passed into law that will benefit veterans and their spouses, beginning with the 2015 tax year for property taxes payable in 2016, includes: The Standard Homestead Exemption for Veterans with Disabilities (35 ILCS 200/15- 169) exemption benefits will significantly increase for a veteran with a service connected disability of at least 30% (previously 50%) or greater, as certified by the United States Department of Veterans Affairs. The rest of this article will address the exemptions available to Illinois property owners. Non-homestead Exemptions for Religious, Charitable, or Educational Organizations:Click Here for Form (PTAX-300R)This exemption is for properties of religious, charitable, and educational organizations, as well as units of federal, state and local governments, that are eligible, exemption from property taxes to the extent provided by law. Be an owner of the home or have a legal interest in the home. Filing requirements vary by county; some counties require an initial Form PTAX-324, Application for Senior Citizens Homestead Exemption, or a Form PTAX-329, Certificate of Status Form for Senior Citizens Homestead Exemption (annual renewal application) to be filed with the Chief County Assessment Office. For information on how to apply for property tax relief available through homestead exemptions, contact your chief county assessment office. A person qualifies for this exemption if the person. The tax bill may still increase if any tax rates are increased or if improvements are added that increase the value of the property. The property tax exemptions or benefits are based on the property owner. It does not apply to commercial properties. That assigned value is multiplied by the effective tax rate i.e. For homeowners, the assessed value is 10% of the fair market value. Both involving nearby real property, sales comparisons estimate market values using recent sales data while unequal appraisals highlight appraisal imbalances between similar real property. Youre going to have to demonstrate that the tax valuation given to your property is incorrect. following. Property Tax Exemptions With plenty of variations, there are three main appraisal methods for determining a homes value. Owners rights to timely alerts to tax levy increases are also required. The PTELL does not "cap" either individual property tax bills or individual property assessments. The benefits for the Standard Homestead Exemption program fall into one of four categories: Veterans with a disability rating of 30 to 40 percent receive an exemption that reduces the assessed value of their primary dwelling by $2,500.00. The states give real estate taxation power to thousands of locally-based governmental entities.