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PROPERTY TAX
EXEMPTIONS
More Illinois veterans
and disabled persons will be eligible for property tax relief as a
result of legislation that was passed into law on October 17, 2007.
Public Act 95-0644 creates three new homestead exemptions for
Illinois disabled citizens and qualifying veterans. The legislation
also expands current homestead exemptions to provide property tax
relief for qualifying Illinois homeowners and senior citizens.
Three new homestead
exemptions will take effect for the 2007 tax year (property taxes
paid in 2008).
The new 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 application upon their return
home.
The new 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 along with proper qualifying
disability form to continue to receive this exemption.
The new 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 $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, accompanied by qualifying documentation, by the
county's due date to continue to receive this exemption.
The current
Disabled Veterans' Homestead Exemption (35 ILCS 200/15-165) that
provides up to a $70,000 reduction in assessed value for
federally-approved specially adapted housing will continue to be
available through the local Veterans' Affairs Office.
A disabled person's or
disabled veteran's property can receive only one of the
aforementioned exemptions each year.
The increase in the
current homestead exemptions will provide additional property tax
relief for some Illinois homeowners and senior citizens.
The maximum reduction
on a property's EAV for the current General Homestead Exemption
(35 ILCS 200/15-175) on owner-occupied residences will increase from
$5,000 to $5,500 for the 2008 tax year (payable in 2009) and
increase again to $6,000 for the 2009 tax year (payable in 2010).
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The reduction on a property's EAV for
the current Senior Citizens Homestead Exemption (35 ILCS
200/15-170) on properties of residents that are 65 years of age or
older will increase from $3,500 to $4,000 for the 2008 tax year
(payable in 2009).
The current Senior
Citizens Assessment Freeze Homestead Exemption (35 ILCS
200/15-172) maximum household income levels for eligibility to
freeze a property's EAV will increase from $50,000 to $55,000 for
the tax year 2008 (payable in 2009).
For the three new
homestead exemptions, and for the 2007 year only, Logan County has
extended the due date to file applications until January 31, 2008.
The due date to file applications for the 2008 tax year and
thereafter is January 31 for all exemptions except for the Senior
Citizens Assessment Freeze Homestead Exemption, which has a filing
deadline of June 1.
If you have any
questions concerning any of the homestead exemptions, or to obtain
applications, contact the Logan County Supervisor of Assessments
office by calling 217/732-9635, or in person at the Dr. John Logan
County Building, 122 N. McLean St., Lincoln, IL, Monday through
Friday from 8:30 a.m. to 4:30 p.m.
[Text copied from
file received from the supervisor of assessments] |
