Variations in Receipt of Benefit
No Variation in Receipt of Benefits
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
Characteristics of Eligible Property
Only residential property is eligible for this program.
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.
[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]
[http://www.revenue.state.il.us/LocalGovernment/PropertyTax/taxrelief.htm Accessed on 08/01/2018]
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