![]() ![]() Armed Forces, Illinois National Guard, or U.S. Be an Illinois resident who has served as a member of the U.S. Homestead Exemption the veteran must meet the following requirements: The year in which the qualifying veteran returns from active duty in an armed conflict. Applications are available from the county assessment office and must be made for Returning Veterans' Homestead Exemptionīeginning in 2007, under 35 ILCS 200/15-167, a returning veteran may be eligible forĮqualized assessed value from their property. This request for exemption is initiatedīy the Township Assessor to the Supervisor of Assessments.ĥ. $25,000 may be exempted for up to four (4) years from the date of completion. If you add an assessable improvement or addition to your residence the increase in assessed valuation up to You must file an annual application and meet age (65+), owner, and annual gross income criteria mandated by statute to continue to qualify. This base assessed valuation will be used in computing the amount of taxes. This will be used to compute future taxes each year the applicant qualifies. This exemption freezes applicants qualifying assessed valuation by establishing a base assessment year. Of the assessment year and turned 65 anytime during the assessment year, your equalized value may be reduced by $5,000 of assessed value. If you are the owner of a residential property, occupied it prior to Jan. To qualify, you must own and live on the property. This exemption will lower the equalized value of the property by a maximum of $6,000. Illinois law currently provides taxpayers with four homestead exemptions which may reduce the totalĮqualized assessed valuation by the mandated amount for each exemption prior to the computation of the dollar amount of taxes due.
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