Senior Citizen Assessment Freeze Homestead Exemption

State

Illinois

Year

2018

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

This exemption allows senior citizens 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. The base year is the year prior to the year in which the application is first filed. In counties of less than 3 million residents, the size of the benefit is calculated by taking the difference between the current year EAV and the base year EAV and multiplying that result by a percentage that is determined by the applicant's income. In counties of 3 million or more, the amount of the exemption for taxable year 2017 and thereafter is the greater amount of the exemption calculated or $2,000.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Surviving Spouse

Description of Eligibility Criteria

Eligible individuals must own their home or have an ownership interest in the property as lessee. They also must be 65 years of age or older. Applicants must not have an income exceeding $65,000 regardless of the population of the county. A surviving spouse, who otherwise meets the eligibility criteria for the year prior to and of their partner's death, does not need to be 65 years or older to qualify.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Description of State Funding for Tax Loss

No reimbursement by the State is required for the implementation of any part of this program.

Record ID

IL102_RR18

Footnotes

For taxable years 2018 and thereafter, the maximum qualifying income is $65,000 for all qualified property. The application process for this programs is administered by the counties.

Sources

35 Ill. Comp. Stat. § 200/15-172 (in effect for 2018)
Form PTAX-340, Department of Revenue, (2018)

[http://15wb253pgifv3qzuu9h7yren.wpengine.netdna-cdn.com/wp-content/uploads/2018/01/2018PTAX-340.pdf accessed 07/11/2018]

View Archived Source

Illinois Department of Revenue, Publication 101 - Income Exempt from Tax, (2010)

[http://www.revenue.state.il.us/Publications/Pubs/Pub-101.pdf accessed 07/30/2018]

[https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/Illinois/2018/IL_Publication_101_Income_Exempt_from_Tax_Illinois_Department_of_Revenue_2010.pdf]
Illinois Department of Revenue, Property Tax Relief - Homestead Exemptions, (2018)

[http://www.revenue.state.il.us/LocalGovernment/PropertyTax/taxrelief.htm Accessed on 08/01/2018]

View Archived Source

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