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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 as of January 1 of the assessment year 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 as of January 1 of the assessment year 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 $65,000 or less, or to persons who have an ownership interest therein, legal or equitable or as a lessee, occupy it on January 1 of the year prior to filing for this exemption and on which the person is liable for the payment of property taxes. 

4) Homestead Improvement Exemption: Reduces the assessment attributable to a residential 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 occupied it as of January 1 of the assessment year and are liable for the payment of the property taxes.

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. Must be the owner of record or have legal interest in the property and occputy it as your prinicpal residence on January 1 of the assessment year and are liable for the payment of the property taxes.

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%. Must by the owner of record or have legal interest in the property and occupty it as your principal residence as of January 1 of the assessment year and liable for the payment of the property taxes. Exemption only applies to the residence, not farmland or farm buildings.  The property's total equalized assessed value must be less then $250,000.

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. To qualify, the property must be the principal residence of the owner and occupied it as of January 1 of the assessment year and liable for the payment of the property taxes.

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 for all of the exemptions are available in the Supervisor of Assessments Office in the Courthouse in Morrison, Illinois.