Exemptions
The State Legislature has provided many different tax breaks for the property owner. The exemptions listed below are not meant to be an inclusive list of all the exemptions available, but are the more common ones that are used in this county. For more detail on any of the exemptions listed below, feel free to contact the office or the Illinois Dept of Revenue website.
General Homestead Exemption
This exemption more commonly known as the “owner occupied exemption” is for residential property that is occupied by its owners as their principal residence. In 2016, the property owner could receive up to $6,000 off the assessment of their property. In Hamilton County, there is no form to complete, just check the tax bill to make sure you are receiving it. If not, contact our office.
Senior Citizens Homestead Exemption
This is an annual exemption that is available for property that is owned and occupied as a residence by a person 65 years of age or older. There is no income requirement for this exemption and there is a form that needs to be completed and returned to our office.
Senior Citizens Assessment Freeze Homestead Exemption
This exemption “freezes” the property’s assessed value (residential portion) to the year the owner first qualifies for the exemption. As long as the senior citizen continues to qualify for the exemption, the equalized assessed value will not increase. To qualify, the person must be at least 65 years old, have a total household income of $65,000 or less and certain other qualifications. Please contact our office for more information.
Homestead Exemption for Persons with Disabilities
This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes. There is an application that must be completed and required proof that must attached to the application. Please contact our office for types of proof that is required.
Veterans with Disabilities Exemption for Specially-Adaptive Housing
This exemption is an annual exemption that is renewed through the US Department of Veterans Affairs and will allow up to $100,000 reduction on the assessed value of a specially adapted house or mobile home for the veteran with permanent and total service connected disability. For more information, please contact a local Veteran Service Officer. Our office receives notice from the Department of Revenue who is eligible for this exemption each year.
Standard Homestead Exemption for Veterans with Disabilities
This exemption is an annual reduction in equalized assessed value for a qualified veteran with a service connected disability that owns and lives on the property. The amount of the exemption depends upon the percentage of the service connected disability as certified by the US Dept of Veterans Affairs and must be renewed each year. If a person has at least 30% service connected disability but less than 50%, the exemption will be a $2500 reduction in the EAV of the property. If 50% or more but less than 70%, the reduction will be $5000 and if more than 70%, the residential property is exempt from taxation. The property’s EAV must be less than $250,000 for the residential portion of the property. This exemption requires a form to be completed and turned in to our office.
Returning Veterans’ Homestead Exemption
This exemption is for veterans that have returned from active duty in an armed conflict involving the armed forces of the United States. It is a two year exemption, the tax year the veteran returns and the tax year following his return. The veteran must own and occupy the property as their principle residence on January 1 of each assessment year. If the veteran returns and acquires a property for their principle residence before January 1 of the following year, then they are eligible to receive it for that year as long as it was owned and occupied on January 1 of the following year by the veteran. An application form must be completed and returned to our office.
Homestead Improvement Exemption
This exemption is for owner occupied residential property that has had an improvement added on the property, such as a deck, garage, or a room addition. It is good for up to four (4) years after the improvement is completed or occupied and must be applied for in our office and good for up to $75,000 fair market value or $25,000 assessed value, the increase attributed to the increase of the value of the improvement.
