Residential Property Tax Exemptions

Below is an explanation of the various residential property tax exemptions.

Homeowners Exemption

The Homeowner Exemption is available to owners of single family homes, condominiums, cooperatives and apartment buildings of six units or less. The property must have been occupied by its current or previous owner as his or her principle residence on January 1st of the tax year for which the exemption is granted. Homeowner Exemptions are automatically applied only if received the prior year. The exemption will be applied on your 2nd installment of your property tax bill. This exemption reduces the home’s Equalized Assessed Value (EAV) minimum of $6,000 to a maximum of $20,000.  These amounts are based on the 7% cap.  (See Cook County website on the 7% cap explanation).

Homeowner's Exemption Application >

Senior Citizen Exemption

To be eligible for the Senior Exemption, which will reduce your equalized, assessed value by $4,000, you must meet the following eligibility requirements:

• You or your spouse are 65 years of age or older during the tax year for which you are applying for the exemption,
  
• As of January 1st of the tax year, you must either own or have a lease or contract making you responsible for the property tax,
  
• As of January 1st of the tax year, the property must be your principal residence.
  

Senior Citizens receiving a Senior Citizen Exemption automatically receive a Homeowners Exemption and do not have to apply separately. Homeowners who received the Senior Citizen Exemption the prior year do not have to reapply this year as long as they did not sell their home.

Senior Citizen Exemption Application >

Senior Freeze Exemption

This exemption freezes the assessed value of your home for one year, reducing the rate of growth of your property taxes.

To qualify for this exemption you must meet the following eligibility requirements:

• You or your spouse are 65 years of age or older during the tax year.
  
• The property must be your principle residence during the tax year (e.g. January 1, 2010 to January 1, 2011) of the assessment freeze,
  
• Your total household income did not exceed $55,000 the prior year for which you are requesting the assessment freeze.

You must file each year in order to continue to receive the Senior Freeze Exemption. Requirements must be met each year to receive the freeze.

Senior Freeze Exemption Application >

Returning Veterans’ Exemption

Veterans returning from active duty in armed conflict are eligible to receive a $5,000 reduction in the equalized assessed value (EAV) of their property only for the taxable year in which they return.

To qualify the veteran must be:

• An Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard or U.S. Reserved Forces,
  
• Be returning from active duty in an armed conflict involving the armed forces of the U.S.,
  
• Owned or had a legal or equitable interest in the property and used it as a principle place of residence on January 1, 20011,
  
• Be liable for the payment of property taxes.

Returning Veterans' Exemption Application >

Disabled Veterans’ Homeowners Exemption

Veterans with a service-connected disability as certified by U.S. Department of Veteran Affairs are eligible for this annual exemption. A disability of at least 75 percent is eligible for a $5,000 exemption in equalized assessed value (EAV). A disability of at least 50 percent, but less than 75 percent, is eligible for a $2,500 reduction in EAV.

To qualify the veteran must be:

• An Illinois resident who has served as a member of the U.S Armed Forces on active duty or on active duty in the state of Illinois, Illinois National Guard, or U.S. Reserve Forces and has been honorably discharged,
  
• Have at least a 50% service-connected disability certified by the U.S. Department of Veterans Affairs,
  
• Own and occupy the property as the primary residence on January 1, 2011,
  
• Have a total EAV of less than $250,000 for the primary residence, excluding the EAV of property used for commercial purposes or rented for more than 6 months.

Disabled Veterans’ Homeowners Exemption Application >

Disabled Persons’ Exemption

This exemption provides disabled persons with an annual $2,000 reduction in the equalized assessed value (EAV) of the property.

To qualify the applicant must be:

• Disabled or become disabled during the assessment year
  
• Own or have a legal or equitable interest in the property, or a leasehold interest of a single-family residence
  
• Occupy the property as the principle residence on January 1, 2011
  
• Be liable for the payment of property taxes

Disabled Persons' Exemption Application >

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