Yes, as a senior citizen living in Illinois, you may be eligible for property tax reductions through several programs designed to assist older homeowners. Here are the main options you can consider:
1. Senior Citizens Homestead Exemption
- Eligibility: Homeowners aged 65 or older.
- Benefit: Reduces the equalized assessed value (EAV) of your property by $5,000 to $8,000, depending on your county.
- How to Apply: Contact your local township or county assessor’s office to obtain an application. Once approved, the exemption typically renews automatically each year.
2. Senior Citizens Assessment Freeze Homestead Exemption
- Eligibility:
- Must be 65 years of age or older.
- Have a total household income of $65,000 or less.
- Own and occupy the property as your principal residence.
- Benefit: Freezes the EAV of your property, preventing increases due to inflation or market changes. Note that this doesn’t freeze your tax rate, so your tax bill may still fluctuate.
- How to Apply: You need to file an application annually with your local assessor’s office.
3. Senior Citizens Real Estate Tax Deferral Program
- Eligibility:
- Age 65 or older.
- Annual household income of $65,000 or less.
- Must have adequate equity in the property.
- Benefit: Allows you to defer all or part of your property taxes until the property is sold or upon your passing. Deferred taxes accrue simple interest at a rate set by the state (usually around 6%).
- How to Apply: Applications are submitted to your county treasurer’s office, typically by March 1st each year.
4. General Homestead Exemption
- Eligibility: Illinois homeowners who occupy their property as their primary residence.
- Benefit: Reduces the EAV of your property by $6,000.
- How to Apply: Usually applied automatically, but check with your assessor’s office to confirm.
Next Steps
- Contact Local Officials: Since programs can vary slightly by county, reach out to your local township or county assessor’s office for specific information and application forms.
- Prepare Documentation: You may need proof of age, income, and residency when applying.
- Be Mindful of Deadlines: Application deadlines can vary, so it’s important to submit your forms on time.
These programs are designed to help senior homeowners like yourself reduce their property tax burden. By taking advantage of these exemptions, you can potentially save a significant amount on your annual property taxes.
