What are the most common Real Estate Tax Exemptions in Central Illinois?

It is important to know what the assessed value is on a property and what if any, exemptions the seller has. Here are the most common tax exemptions:

Homestead Revaluation ExemptionWhat are the most common Real Estate Tax Exemptions in Central Illinois?

  • Known as the owner-occupied exemption, this exemption lowers the equalized assessed value of your property by $6,000. To receive this exemption, you must:
  • Have lived on the property on or before January 1st of the tax year.
  • Have the exemption initiated by the Township Assessors Office.
  • No annual application is required.

Senior Homestead Exemption

  • This exemption lowers the equalized assessed value of your property by $5,000, and may be claimed in addition to the Homestead Exemption. To receive this exemption, you must:
  • Have lived on the property on or before January 1 of the tax year.
  • Have reached age 65 during the tax year.
  • Apply for the exemption at the Assessor's Office.

You will need to bring a copy of the deed to the property and proof of age with you when you apply. Application required in first year only. The application is maintained automatically after the initial filing year.

Senior Assessment Freeze Exemption

This exemption freezes the taxable assessment on your property but does not freeze the tax rate. This exemption allows seniors who are 65 years of age or older during the assessment year with a total household income of $65,000 or less to freeze the assessed value of their home at a base year value and prevent any increase due to inflation. The base year is the year prior to the year you first qualify and apply for the exemption. You must file an application by September of every year if you expect to receive the exemption. A "base year" is established for which the EAV (equalized assessed value) is "frozen." The "base amount" will change if improvements are added. The exemption amount is the difference between the "frozen" base EAV and the current year EAV.

Rental Properties – no tax exemption

If you are purchasing a rental property, there is no owner-occupied exemption. If you purchase one of these properties to be owner-occupied, you will get this exemption.