Property Tax Exemption Basics
Exemptions can only be on one parcel per person, marriage, or civil union worldwide.
All but the General Homestead Exemption Require Annual Renewal
General Homestead Exemption “Owner Occupied”
This annual exemption is available for single-family residential property that is occupied as the principal dwelling place of the owner, or a lessee with a legal or equitable interest in the property and who is also liable for the payment of 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 $6,000.
Senior Citizens Homestead Exemption
This annual exemption is available for property that is owned and occupied as a principle residence by a person who is 65 years of age or older. The amount of this exemption is $5,000 off the EAV of the property. This exemption requires an initial sign up in the Supervisor of Assessments Office, a valid Illinois ID, and annual renewal by completion of PTAX-329.
Senior Citizens Assessment Freeze
A person qualifies for this exemption if the person:
- is at least 65 years old;
- has a total household income of $ $65,000 or less; and
- Owns and occupies the residence. (Or lives in a Life-Care facility)
This exemption “freezes” the senior citizen’s property’s equalized assessed value the year that the senior citizen qualifies for the exemption. The property’s equalized assessed value does not increase as long as qualification for the exemption continues. The tax bill may still increase if any tax rates are increased or if improvements are added that increase the value of the property.
Each year applicants must file a Form PTAX-340, Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit, with the Perry County Supervisor of Assessments Office.
Homestead Exemption for Persons with Disabilities
This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes.
The initial Form PTAX-343, Application for the Homestead Exemption for Persons with Disabilities, along with the required proof of disability, must be filed with the Supervisor of Assessments Office. The exemption must be renewed each year by filing Form PTAX-343-R, Annual Verification of Eligibility for the Homestead Exemption for Persons with Disabilities, with the Assessor’s Office. The property cannot receive this exemption in the same year it is receiving the Veterans with Disabilities Exemption for Specially-Adapted Housing or the Standard Homestead Exemption for Veterans with Disabilities.
Standard Homestead Exemption for Veterans with Disabilities
To qualify for this exemption the veteran with a disability must own or lease a single family residence and be liable for payment of property taxes. The property’s total EAV must be less than $250,000 after subtracting any portion used for commercial purposes. The amount of the exemption depends on the percentage of the service-connected disability as certified by the United States Department of Veterans’ Affairs. A qualified veteran with a service-connected disability of at least 30% but less than 50% will receive a $2,500 reduction in EAV; if the veteran has a service-connected disability of 50% but less than 70%, the annual exemption is $5,000; and if the veteran has a service-connected disability of 70% or more, the residential property is exempt from taxation.
Note: An un-remarried surviving spouse of a veteran who was disabled and is now deceased can continue to receive this exemption on his or her spouse’s primary residence, or transfer this exemption to another primary residence after the original primary residence of a veteran with a disability is sold, provided this exemption had previously been granted to the veteran with a disability.
The surviving spouse must occupy and hold legal or beneficial title to the primary residence on January 1 of the assessment year and submit a Form PTAX-342, Application for the Standard Homestead Exemption for Veterans with Disabilities, available from your local assessment office, to transfer this exemption to themselves.
Beginning in tax year 2015 (property taxes payable in 2016), an un-remarried surviving spouse of a veteran killed in the line of duty will be eligible for a 100% reduction in the EAV on his/her primary residence, even if the veteran did not previously qualify for or obtain the SHEVD.
For a single tax year, the property cannot receive this exemption and the Veterans with Disabilities Exemption for Specially Adapted Housing or the Homestead Exemption for Persons with Disabilities.
For more information contact the Perry County Supervisor of Assessments Office.
Veterans with Disabilities Exemption for Specially-Adapted Housing
This exemption may be up to $100,000 reduction on the assessed value for certain types of housing owned and used exclusively by a veteran with a disability in which federal funds have been used for the purchase or construction of specially adapted housing. The exemption is valid for as long as the veteran, the spouse, or the unmarried surviving spouse resides on the property. Federal and state financial assistance is provided for service-connected veterans with disabilities for the purpose of acquiring or remodeling suitable dwelling units with special fixtures or moveable facilities made necessary by the veteran’s permanent and total service-connected disabilities as determined by the U.S. Department of Veterans’ Affairs.
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. For further information, please contact your local Veteran Service Officer.
Home Improvement Exemption
This exemption is limited to the fair cash value, up to an annual maximum of $75,000 (or $25,000 in assessed value, which is 33 1/3 percent of fair cash value), that was added to homestead property by any new improvement (e.g., building a garage, adding a new room) or rebuilding after a catastrophic event, and continues for four years from the date of the improvement or rebuilding is completed and occupied. Farm buildings are not eligible for the Homestead Improvement Exemption. A Building Permit issued by the Perry County Supervisor of Assessments Office is the only application needed for this exemption.
Returning Veterans’ Homestead Exemption
This exemption provides a $5,000 reduction in the EAV of a veteran’s principal residence upon returning from active duty in an armed conflict involving the armed forces of the United States. The exemption is for two consecutive tax years, the tax year that the veteran returns from active duty in an armed conflict involving the armed forces of the United States and the following year. The veteran must own and occupy the property as his or her principal residence on January 1 of each assessment year. A veteran who acquires a principal residence after January 1 of the year he or she returns home is eligible for the RVHE on the principal residence owned and occupied on January 1 of the following tax year.
A veteran is eligible to receive the exemption for another tax year in which the veteran returns from active duty. Applicants must file a Form PTAX-341, Application for Returning Veterans’ Homestead Exemption, with the Perry County Supervisor of Assessments Office.
For more information please contact the Perry County Supervisor of Assessments Office or visit http://www.revenue.state.il.us/LocalGovernment/PropertyTax/TaxRelief.htm