Homestead Exemptions

HOMESTEAD EXEMPTIONS

1) General Homestead Exemption: Reduces assessed value by up to $6,000. Available to persons who own and occupy their own home as their principal residence, or to persons who have an ownership interest therein, legal or equitable or as a lessee, occupy it and on which the person is liable for the payment of property taxes.  

2) Senior Citizen Homestead Exemption: Reduces assessed value by $5,000. Available to persons 65 years of age or older. Available to seniors who own and occupy their own home as their principal residence, or to persons who have an ownership interest therein, legal or equitable interest or as a lessee, occupy it and on which the person is liable for the payment of property taxes.

3) Senior Citizen Assessment Freeze Homestead Exemption: Freezes the assessment at a base year causing the net taxable value to remain the same, less some material change to the property. It does not freeze the taxes, only the assessment. Available on the principal residence of persons 65 years of age and older, who have owned and resided in the property for a 2-year period, whose household income is $55,000 or less, or to persons who have an ownership interest therein, legal or equitable or as a lessee, occupy it and on which the person is liable for the payment of property taxes. 

4) Homestead Improvement Exemption: Reduces the assessment attributable to an improvement that increases the assessed value of the property for a four-year period. It is based on the fair cash value (a maximum of $25,000 assessed value) of the improvement. To qualify, the property must be the principal residence of the owner and occupy it.

5) Returning Veteran’s Homestead Exemption: A $5,000 reduction in assessed value for veteran homeowners’ the year they return home from an armed conflict.

6) Disabled Veterans’ Standard Homestead Exemption: A reduction in assessment of $2,500 for veteran homeowners with a service related disability of 30%-49%,  a reduction in assessment of $5,000 for veteran homeowners with a service related disability of 50%-69%, tax exempt for veteran homeowners with a service related disability of 70%-100%.

7) Disabled Veteran’s Homestead Exemption: A reduction in assessment of up to $100,000 for veteran homeowners with service related disabilities that require housing that is designed to accommodate the disability.

8) Disabled Person’s Homestead Exemption: A reduction of $2,000 in assessed value for disabled homeowners.

9) Tenant Homestead Exemption:  Reduces assessed value by up to $6,000. Available to persons who lease and occupy the home as of January 1. The lessee is liable for the payment of property taxes.  

Applications are available in the Supervisor of Assessments Office in the Courthouse in Morrison, Illinois.

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