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Property Tax Relief – Homestead October 2008 Property Tax Relief Application Requirements File with Filing Deadline Requirements Income Age Description General Homestead Exemption (GHE) All counties except Cook County. (35 ILCS 200/15-175) Automatic unless initial application is required by the county. CCAO1 Before Board of Review adjourns or date set by county. N/A N/A Exemption on owner-occupied residence in an amount equal to the difference between current EAV and 1977 EAV up to a $5,000 maximum statewide. Increases to $5,500 for 2008 assessment year (property taxes paid 2009) and $6,000 for 2009 assessment year (property taxes paid 2010) 5 One exemption per parcel except for cooperatives and life care facilities. May prorate for new construction from the time it is owner-occupied. Married couples living separately split the exemption 50/50. Alternative General Homestead Exemption (AGHE) Cook County Only (35 ILCS 200/15-176) Annual application required. Cook County Assessor Before Board of Review adjourns or date set by county. N/A N/A Exemption on owner-occupied, single-family residence townhome, condo, cooperative, or apartment building up to 6 units that limits the increases in EAV to 7% each year. The minimum exemption amount is the amount calculated for the GHE up to a maximum amount based on the tax year and the property’s assessment jurisdiction.5 Properties that receive the SCAFHE are limited each year to the amount calculated for the GHE. Married couples living separately, only one person may claim the exemption and for only one property. PA95-644 that passed into law in 2007, extends the exemption in Cook County for the City of Chicago until 2008, for the North suburbs until 2009, and for the South suburbs until 2010. Long-time Occupant Homestead Exemption (LOHE) Cook County Only (35 ILCS 200/15-177) Annual application required. Cook County Assessor Before Board of Review adjourns or date set by county. N/A N/A Beginning with 2007 tax year, the LOHE is available instead of the AGHE to long-time residential property owners with a total household income of less than $100,000. The property must be occupied for 10 continuous years or 5 continuous years if the person receives assistance to acquire the property as part of a government or nonprofit housing program. The exemption limits the annual percentage increase in EAV to 7% for a total household income of $75,000 or less or to 10% for a total household income of over $75,000. The exemption is limited each year to the same amount calculated for the GHE with no maximum limit. Properties that receive the SCAFHE, do not qualify for the LOHE but will receive the amount calculated for the GHE. Exemption can be transferred to spouse or child with a household income of $100,000 or less. Married couples living separately, only one person may claim the exemption and for only one property. ---PAGE BREAK--- Property Tax Relief – Homestead October 2008 Property Tax Relief Application Requirements File with Filing Deadline Requirements Income Age Description Disabled Persons Homestead Exemption (DPSHE) (35 ILCS 200/15-169) Form PTAX-343 initial application; Form PTAX-343-R, Annual Verification of Eligibility must be filed each year thereafter. CCAO1 Before Board of Review adjourns or date set by county. N/A N/A Beginning with 2007 tax year (property taxes paid 2008) an exemption on the primary residence occupied on January 1 by a qualified disabled veteran. The amount of the exemption is a $2,000 reduction in EAV. A person that becomes disabled during the assessment qualifies for the exemption. A disabled person must provide proof of disability either a Class 2 or Class 2A Ill. Disabled Persons ID Card, documentation of disability benefits from Social Security Administration, Veterans Administration, Railroad, or Civil Service, or Form PTAX-343-A Physicians Statement. A property cannot receive this exemption with the DVHE or DVSHE for a single tax year. Disabled Veterans Homestead Exemption (DVHE) (35 ILCS 200/15-165) (35 ILCS 515/7.5) Form RLG-52A File annually. IL Dept of Veterans’ Affairs 217 782- 3421 By Sept. 15 prior to the tax year N/A N/A Reduction up to $70,000 in assessed value of the property. Disabled veterans, their spouses, or unmarried surviving spouses must own and exclusively use specially adapted housing (as defined by federal law) as their primary residence on Jan. 1 of the assessment year. A disabled veteran means a person who has served in the Armed Forces of the United States and whose disability is rated as 100% service connected by the Veterans Administration. A property cannot receive this exemption with the DPHE or DVSHE for a single tax year. Mobile Home Local Services Tax Exemptions is also available on a mobile home owned and used exclusively by a disabled veteran or their spouse. Returning Veterans Homestead Exemption (RVHE) (35 ILCS 200/15-169) Form PTAX- 341each year that veterans returns home from an armed conflict involving the U.S. CCAO1 Before Board of Review adjourns or date set by county. N/A N/A Beginning with 2007 tax year (property taxes paid 2008) an exemption that provides a one-time $5,000 reduction in the EAV of a veteran’s principal residence for each taxable year that the veteran returns from active duty in an armed conflict involving the armed forces of the United States. Although the exemption is only for a single year, a qualifying veteran can receive the exemption for another tax year in which he or she returns from active duty. ---PAGE BREAK--- Property Tax Relief – Homestead October 2008 Property Tax Relief Application Requirements File with Filing Deadline Requirements Income Age Description Disabled Veterans Standard Homestead Exemption (DVSHE) (35 ILCS 200/15-169) Form PTAX-342 initial application; Form PTAX-342-R, Annual Verification of Eligibility must be filed each year thereafter. CCAO1 Before Board of Review adjourns or date set by county. N/A N/A Beginning with 2007 tax year (property taxes paid 2008) an exemption on the primary residence occupied by a qualified disabled veteran. The disabled veteran must own or lease a single family residence and be liable for the payment of property taxes. The amount of the exemption depends on the percentage of the service-connected disability as certified by the U S Dept. of Veterans’ Affairs. A disabled veteran with a disability of at least 50%, but less than 75% will receive a $2,500 reduction in EAV. A disabled veteran with a disability of at least 75% will receive a $5,000 reduction in EAV. A property cannot receive this exemption with the DPHE or DVHE for a single tax year. Homestead Improvement Exemption (HIE) (35 ILCS 200/15-180) Form PTAX-323 if application is required. CCAO1 Before Board of Review adjourns. N/A N/A Exemption on owner-occupied residence as of Jan. 1 of the assessment year that prevents increases in assessed valuation due to new improvements of the existing structure or its rebuilding following a catastrophic event for up to 4 years. Maximum $75,000 ($25,000 assessed value) in fair cash value of improvements. Senior Citizens Homestead Exemption (SCHE) (35 ILCS 200/15-170) Form PTAX-324 if initial application is required. May need to annually file Form PTAX-329 by May 31 (Sec. 15-10). CCAO1 Before Board of Review adjourns or date set by county. N/A 652 Exemption on owner-occupied residence as of Jan. 1 of the assessment year with a $3,500 statewide reduction in EAV for the 2006 assessment year (property taxes paid 2007). Increases to $4,000 for 2008 assessment year (property taxes paid 2009).5 Prorate the exemption for a senior citizen that occupies property as their principal residence after Jan. 1 of any assessment year. No restrictions for married couples living separately, both may qualify for the exemption. Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE) (35 ILCS 200/15-172) Form PTAX-340. File annually. CCAO1 Jan. 1 - July 1, or later date set by county (County Assessor for Cook County). $50,000 per household (includes spouse and all persons using home as their principal residence). Increases to $55,000 per household for 2008 assessment year (property taxes paid 2009). 5 652 Exemption on owner-occupied residence that freezes the property’s EAV at a set base year amount to prevent or limit any increase due to inflation. The base year amount is set at the property’s EAV for the prior year the applicant first qualifies for the exemption. The exemption amount is the difference between the current year’s EAV and the frozen base year amount (EAV). The frozen base amount at which the EAV is frozen will change when new improvements increase the assessed value or when there is a decrease in assessed value that is not due to a temporary irregularity. Married couples living separately, only one person may claim the exemption and for only one property. ---PAGE BREAK--- Property Tax Relief – Homestead October 2008 Property Tax Relief Application Requirements File with Filing Deadline Requirements Income Age Description Senior Citizens Real Estate Tax Deferral Program (320 ILCS 30/1 et seq.) Form IL-1017-TD & IL-1018-TD; or Form IL-1017-SA & IL-1018-SA. File annually. County Collector Jan. 1 - March 1 of program year. $40,000 per household (husband and wife); increases to $50,000 for property taxes paid 2006 and deferred in 2007. 653 Tax deferral of all real estate taxes and special assessment payments (up to 80% of equity interest) at 6% simple interest rate on deferred amount for the personal residence of qualifying seniors until property is sold or becomes unqualified. Circuit Breaker (320 ILCS 25/1 et seq.) Form IL-1363 File annually. IL Dept. on Aging 1-800- 624-2459 Jan. 1-Dec. 31 of program year after the property taxes are paid. Households of See next col. : 1 person-Under $21,218 2 person-Under $28,480 3 person-Under $35,740 A yearly grant of $0 to $700 for property tax relief, mobile home tax, rent, or nursing home costs. Applicants4 must be age 652 or older, age 16 or older and totally disabled, or age 63 or 64 and recently widowed with a deceased spouse receiving or was eligible to receive program benefits. For more information, write to: Illinois Dept. on Aging PO Box 19003 Springfield, IL 62794-9003. Internet: www.cbrx.il.gov Email: [EMAIL REDACTED] License Plate Discount: Approved applicants are eligible for vehicle license plate discounts from Secretary of State, Renewals Section, Room 500 Howlett Bldg., Springfield IL 62756-7000 or call 1 [PHONE REDACTED]. 1CCAO acronym for Chief County Assessment Officer (i.e. County Assessor or Supervisor of Assessments). 2Eligible if applicant turns 65 within the tax year. 3Eligible if applicant is 65 or older by June 1 of application year. 4Applicant must meet other eligibility qualifications. 5PA 95-644, House Bill increased exemption amounts for Sec. 15-170, Sec. 15-172, Sec. 15-175 and Sec. 15-176 of the Property Tax Code. Legislation also created 3 new exemptions: Sec 15-167 Returning Veterans’ Homestead Exemption, Sec. 15-168 Disabled Persons’ Homestead Exemption, and Sec. 15-169 Disabled Veterans Standard Homestead Exemption.