General Homestead Exemption
- Requires an initial application, rentals need annual renewal.
- Requires January 1st ownership & occupancy.
- Based on the increase above the 1977 EAV up to $6,000, whichever is less.
- Amounts to approximate savings of up to $771 in Rockford for 2020 taxes, payable in 2021.
- Can be granted to single family rentals if the tenant is liable for the taxes.
- General Homestead Exemption Form
- 2022 Rental/Owner Occupancy Exemption Form
Senior Citizen Homestead Exemption
- Application may be made any time in the year owner turns 65 years old
- Requires ownership & occupancy.
- Reduces the taxable value by $5,000.
- Amounts to approximate savings of $642 in Rockford for 2020 taxes, payable in 2021.
- Automatically renews provided senior still owns and occupies residence.
- Senior Citizen Homestead Exemption Form
Senior Citizen Assessment Freeze Homestead Exemption
- Requires January 1st occupancy for the year of application and the prior year. For 2021 applications, the deadline has been extended to October 1st, 2021.
(ex: must have lived in home 1-1-20 and 1-1-21 for 2021 application)
- Requires the total household gross income of $65,000 or less.
- Requires annual renewal application.
- Establishes "Base Year" and "Base Value" from first year of eligibility and reduces EAV by the difference between current assessment and "Base Value". No limit on Reduction. Only applies to owner occupied residences.
- Must be receiving the Senior Citizen Homestead Exemption.
- 2022 Senior Citizen Assessment Freeze Homestead Exemption Form (PTAX 340)
Homestead Improvement Exemption
- Single-Family owner-occupied homes only.
- 4-year exemption of an increase in assessment due to a new improvement to an existing home. Township Assessors report eligible amounts.
- Exempts up to $25,000 in EAV increase.
Homestead Exemption for Persons with Disabilities
Standard Homestead Exemption for Veterans with Disabilities
Returning Veterans' Homestead Exemption
- A 2 year, $5,000 per year, EAV reduction for the first and second year the veteran or spouse owned the home after the veteran returns from active duty in an armed conflict.
- Returning Veterans' Homestead Exemption Form(PTAX 341)
Veterans with Disabilities Exemption for Specially Adapted Housing
- Applies to housing specially adapted for the veteran's disability.
- Eligibility is certified annually by the Illinois Department of Veterans Affairs.
- Adaptation needs to have been paid for with Federal funds.
- Can be granted to "unmarried surviving spouses."
- Exempts up to $100,000 EAV.
Non-homestead Exemptions for Religious, Charitable, or Educational Organizations
- Properties of religious, charitable, educational organizations, and units of federal, state & local governments are eligible for exemption from property taxes to the extent provided by law
- The Board of Review reviews the application and forwards it to the Illinois Department of Revenue for the final administrative decision
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