Exemptions Reduce Taxes! Do you have yours?

To qualify for any property exemptions it must be the taxpayer's principal residence.

• The property must be your principal residence on or  before January 1st
• This exemption lowers the equalized assessed by $6,000 in tax year 2009 (payable in 2010) This is exemption increased from $5,500 last year

• This exemption defers, for four years, any increase in the assessment of your property due to an addition or other improvement
• A maximum of $25,000 of assessed value may be deferred under this program.

• Have reached age 65 during the tax year.
• This exemption lowers the equalized assessed by $4,000 in tax year 2008 (payable in 2009) This is exemption increased from $3,500
• No income requirement

• This exemption freezes the taxable assessed value on your property
• Income requirement; your total household income must be $55,000 or less.
• This exemption must be renewed annually.

• This exemption lowers the equalized assessed value of your property by $2,000
• Be disabled under the Federal Social Security Act and supply either:
  • A copy of your Illinois Disabled Person Identification Card or.
  • Proof of Social Security Administration Social Security Benefits. 
• Please note that this exemption requires annual verification of eligibility.

• Lowers the equalized assessed value of your property by $5,000 in the year you return from active duty in an armed conflict.
• It is a one-year exemption

• You apply for this exemption through the Illinois Department of Veterans' Affairs.

• Have at least a 50% service-connected disability certified by the U.S. Department of Veterans' Affairs.
• Have a total equalized assessed value (EAV) of less than $250,000.