Property tax exemptions help homeowners save money by reducing a home’s assessment dollar amount, reducing the overall property tax bill. In Illinois, tens of thousands of Cook County senior citizens may be eligible for the Senior Citizen Homestead Exemption and the Senior Citizen Assessment Freeze Exemption.

Senior Citizen Homestead Exemption

The Senior Citizen Homestead Exemption decreases the taxable value of homes which could provide a savings in property taxes for those who meet the following criteria:

  • Own and occupy the property in question as of January 1 of the same year
  • Be 65 years old or older during the tax year in question

This tax exemption may also be combined with the Homeowner Exemption, an automatically renewable tax credit. However, a homeowner must re-apply for the Senior Citizen Homestead Exemption every year.

Senior Citizen Assessment Freeze Exemption

The Senior Citizen Assessment Freeze Exemption alleviates the impact of regular reassessment increases that may occur every three years by freezing the home’s Equalized Assessed Value (EAV).

This exemption is limited to property owners 65 and older in age with an annual household income of $65,000 or less.

To remain eligible for this exemption, an applicant must have owned and occupied the property in question for both the current and previous tax year. Senior homeowners will also need to reapply every year.

Property taxes unappealing? KSN can help.

Appealing your Illinois property taxes is one way to ensure that the amount you pay is fair whether you live in the north/northwest Chicago suburbs, south/southwest Chicago suburbs, or in the City of Chicago.

Since 2015, KSN has worked diligently to save our clients over $150 million in reduced property tax assessments. We handle property tax appeals from start to finish for every type of property including:

We work on a contingency fee basis. You pay no legal fees unless an assessment reduction is achieved.

Questions about our property tax appeal services? Contact us by calling 847-537-0500 or by visiting www.ksnlaw.com/tax-appeal.

 

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