Senior Citizen Assessment Freeze Homestead Exemption

Illinois

2021

No Variation in Receipt of Benefits

Assessment Freeze

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.

Exemption from assessed value

Residential

Only residential property is eligible for this program.

Age

Homeowner

Income Ceiling

Surviving Spouse

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 government is unable to exercise an option

No local option regarding program features

Local government covers all of its tax loss

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

IL102_RR21