Cutting those Real Estate Taxes - here are a couple ways!

By
Real Estate Agent with RE/MAX Suburban
http://actvra.in/mnt

General Homestead Exemption (GHE) in Illinois

This annual exemption is available for residential property that isGHE,lower your taxes,homeowners exemption, occupied as the principal dwelling place of the owner, or a lessee with a legal or equitable interest in the property with a single-family residence, who is liable for the payment of the property taxes on the leased property (sometimes called a 'net' lease).

The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum $6,000 reduction in the EAV. This General Homestead Exemption is available in all Illinois counties except Cook County and may be granted automatically or may require an initial application (PTAX-343) to be filed with your County Assessor's Office in the township where your house is located.

Eligibility requirements ~

1)  Owned and occupied as the primary residence as of January 1st of the assessment year
2)  be disabled or became disabled during the assessment year
3)  your spouse can apply if you are under Nursing Home Care and reside in a facility receiving care OR your residence remains unoccupied during the assessment year because you are in a Nursing Home

Bloomingdale Township
Kane County Application

Other exemptions available for Disabled Persons or Veterans ~

Disabled Veterans Homestead Exemption - up to a $70,000 reduction in assessed value for federally approved adapted housing. (35 ILCS 200/15-165)

Disabled Persons Homestead Exemption - annual $2000 reduction in the property's Equalized Assessed Valuation. (35 ILCS 200/15-168)

Disabled Veterans Standard Homestead Exemption - annual $2500 or $5000 reduction in property's Equalized Assessed Valuation. (35 ILCS 200/15-169)


Take your application to the County Assessor's Office where your home is located to apply.


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Rainmaker
565,605
Diane McDermott
Realtor®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

Lyn, great information for homeowners and home buyers in your area!  I never knew there was a disabled veterans tax break around here until one of my clients mentioned it

Nov 01, 2011 10:12 AM #1
Rainmaker
1,289,025
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

My parents were recently told me about it & applied. Every little bit helps so I wanted to tell people about it. I never knew until now it's for all of IL.

Nov 01, 2011 10:36 AM #2
Rainmaker
426,989
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

It's kinda fun to refer someone to the township assessor's office where they can find exemptions or credits. Especially for people on a fixed income or struggling, every little bit helps.

Thanks for your email....my blogging voice was strained for a while but I'm getting committed again. 

 

Nov 03, 2011 05:25 PM #3
Rainmaker
1,289,025
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Leslie:  I agree & I wasn't aware that this was available in all of IL.

Nov 04, 2011 03:12 AM #4
Rainmaker
344,045
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Hi, Lyn - it's surprising to know that the Homestead Exemption is not applied to all of IL. I will inform my list of the Disabled Veterans/Persons Exemption. Thanks for sharing!

Nov 05, 2011 07:49 AM #5
Rainmaker
1,289,025
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Yolanda:  I just learned of this also but maybe because it did not involve Cook County it flew under my radar. Glad to inform people on how to save money.

Nov 08, 2011 05:53 AM #6
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Rainmaker
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Lyn Sims

Schaumburg IL Area Real Estate
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