65th Birthday Present for Homeowners in Illinois - Real Estate Tax Reduction
Illinois Senior Homestead Exemption
Senior home owners' in Illinois can apply for a Senior Homestead Exemption to reduce their real estate taxes the year in which they reach 65 years old. The Senior Homestead Exemption lowers the equalized assessed value of the property by $3,500. The equalized assessed value is 1/3 of the fair market value. This means the assessor will reduce the fair market value of the senior's home by $10,500. This will result in a real estate tax reduction of approximately $200.00
Seniors may apply for the exemption at their Township Assessor's Office. He or she will need a copy of their deed and proof of their age. If title to the property is held in trust a copy of the trust agreement will also be required. He or she must have lived in, and owned, the property on or before January 1 of that tax year.
The exemption amount may be prorated for the portion of the year the owner was over the age of 65. For example if the homeowner turned 65 in July they may receive only ½ of the exemption that year. The following year, if they still own and live in the home, they will receive the full exemption.
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