• The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of your property by $10,000. The EAV is the partial value of a property that is used to calculate tax bills. So, this exemption amount ($10,000) is not the dollar amount by which a tax bill is lowered.
• Applications for the 2021 Homeowners Exemption will be available in early March.
• Once you apply for and receive the Homeowners Exemption, it will renew automatically in subsequent years as long as your residence remains the same.
• If you purchased a new-construction home that was not ready for occupancy until after January 1 of the tax year, the Homeowners Exemption will be prorated.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• The Senior Exemption reduces the Equalized Assessed Value (EAV) of your property by $8,000. The EAV is the partial value of a property that is used to calculate tax bills. So, this exemption amount ($8,000) is not the dollar amount by which a tax bill is lowered.
• Applications for the 2021 Senior Exemption will be available in early March
• Senior Exemptions renew automatically so you only have to apply once. If you already received this Exemption on the second-installment bill you received last summer (July 2021), you do not have to reapply this year.
• If you moved in last year, you may be entitled to a prorated 2021 Senior Exemption based on time of occupancy as your principal residence. The application for a prorated Senior Exemption requires accompanying documents including a closing or settlement statement.
• Individuals receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately.
• If your parents passed away in 2021, their property may still be eligible for the Senior Exemption if they were alive and resided in the home as their permanent residence on January 1, 2021.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• The Senior Freeze Exemption freezes the Equalized Assessed Value (EAV) of your property, so that it is not subject to increase. Although the EAV is constant, the amount of property tax you owe may fluctuate due to changes in the tax rate.
• Applications for the 2021 Senior Freeze Exemption will be available in early March.
• Normally, you must apply annually for the Senior Freeze Exemption. Unlike the Homeowner and Senior Citizen Exemptions, it does not renew automatically. However, the Illinois State Legislature added a 1-year auto-renewal to support homeowners during the COVID-19 pandemic. So, if you received the Senior Freeze Exemption in 2020, it will be automatically renewed for the 2021 tax year.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• The Persons with Disabilities Exemption reduces the Equalized Assessed Value of your home by $2,000. As noted above for the Homeowner Exemption, this is not the amount by which your tax bill will be lowered.
• If a property received this Exemption in previous years and the taxpayer now resides in a facility licensed under the Nursing Home Care Act, their home is still eligible to receive this Exemption if the property is occupied by that individual’s spouse or if the property remains unoccupied.
• Applications for the 2021 Persons with Disabilities Exemption will be available in early March.
• Normally, you must apply annually for this Exemption. Unlike the Homeowner and Senior Citizen Exemptions, it does not renew automatically. However, the Illinois State Legislature added a 1-year auto-renewal to support homeowners during the COVID-19 pandemic. So, if you received the Persons with Disability Exemption in 2020, it will be automatically renewed for the 2021 tax year.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• The Returning Veterans Exemption reduces the Equalized Assessed Value of your home by $5,000. As noted above for the Homeowner Exemption, this is not the amount by which your tax bill will be lowered.
• Applications for the 2021 Returning Veterans Exemption will be available in early March.
• This Exemption does not renew automatically and a new Exemption application must be filed for the 2021 tax year.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• The Veterans with Disabilities Exemption reduces the Equalized Assessed Value (EAV) that is used to calculate your tax bill. The amount of reduction is based upon the level of disability as certified by the U.S. Department of Veterans Affairs:
  • 30% to 49% Disability: EAV reduced by $2,500
  • 50% to 69% Disability: EAV reduced by $5,000
  • 70% or Greater Disability: EAV reduced by $250,000
  • As noted above for the Homeowner Exemption, the amount by which the EAV is reduced is not the amount by which your tax bill will be lowered.
• Due to COVID-19, if you received the Veterans with Disabilities Exemption in 2020, it will be automatically renewed for 2021. Normally, this Exemption must be renewed annually.
• If you were eligible for this Exemption in a prior tax year but the Exemption was not on your second installment bill, you can apply for a refund or corrected bill.

• Approximately 2% of homeowners will qualify for a Long-Time Homeowner Exemption. In addition to meeting income and residency requirements, applicants must have a significant assessment increase that exceeds the maximum amount set by the State Legislature. The Assessor’s Office automatically detects which properties qualify based on assessment increases—and will mail applications in early March to the approximately 11,000 Cook County property owners who qualify for this exemption.
• The Cook County Assessor’s Office also reviews building permits that were issued to homeowners who made improvements that added to their home’s value. If a field check determines that the property is eligible, a notice is sent to the property owner and the Home Improvement Exemption will be automatically applied.

The post Property Tax Exemptions
 appeared first on Real Estate News & Insights.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://www.dreamtown.com/insights/property-tax-exemptions%e2%80%a8/