Senior Citizens Homestead Exemption

State

Illinois

Year

2006

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Exemption

Benefit

This program exempts up to $3,500 of equalized assessed value from property taxes.

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

Description of Eligibility Criteria

Eligible individuals must occupy the property as their principal residence, be 65 years of age or older, the owner or a lessee with an ownership interest in the property with a single-family residence who is liable for the payment of the property taxes.

Local Option in Adoption of Program

Local government must take action to opt in

Local Option Regarding Program Features

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

IL108_RR06

Footnotes

Sources

35 Ill. Comp. Stat. § 200/15-170 (in effect for 2006)
Illinois Department of Revenue (no date), Illinois Property Tax System [http://www.revenue.state.il.us/Publications/LocalGovernment/ptax1004.pdf Accessed 04/12/2010] View Archived Source
Illinois Revenue (no date), Property Tax Relief - Homestead Exemptions [http://www.revenue.state.il.us/LocalGovernment/PropertyTax/taxrelief.htm Accessed on 04/12/2010] View Archived Source

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