{"id":7175,"date":"2024-09-28T16:40:59","date_gmt":"2024-09-28T16:40:59","guid":{"rendered":"https:\/\/www.quicksetupguide.com\/blog\/?p=7175"},"modified":"2024-09-28T16:41:00","modified_gmt":"2024-09-28T16:41:00","slug":"i-am-65-years-old-living-in-illinois-can-i-get-property-tax-reduction","status":"publish","type":"post","link":"https:\/\/www.quicksetupguide.com\/blog\/2024\/09\/28\/i-am-65-years-old-living-in-illinois-can-i-get-property-tax-reduction\/","title":{"rendered":"I am 65 years old living in Illinois. Can I get property tax reduction?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Senior Citizens Homestead Exemption<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eligibility<\/strong>: Homeowners aged 65 or older.<\/li>\n\n\n\n<li><strong>Benefit<\/strong>: Reduces the equalized assessed value (EAV) of your property by <strong>$5,000 to $8,000<\/strong>, depending on your county.<\/li>\n\n\n\n<li><strong>How to Apply<\/strong>: Contact your local township or county assessor&#8217;s office to obtain an application. Once approved, the exemption typically renews automatically each year.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Senior Citizens Assessment Freeze Homestead Exemption<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eligibility<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Must be <strong>65 years of age or older<\/strong>.<\/li>\n\n\n\n<li>Have a <strong>total household income of $65,000 or less<\/strong>.<\/li>\n\n\n\n<li>Own and occupy the property as your principal residence.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Benefit<\/strong>: Freezes the EAV of your property, preventing increases due to inflation or market changes. Note that this doesn&#8217;t freeze your tax rate, so your tax bill may still fluctuate.<\/li>\n\n\n\n<li><strong>How to Apply<\/strong>: You need to file an application annually with your local assessor&#8217;s office.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Senior Citizens Real Estate Tax Deferral Program<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eligibility<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Age <strong>65 or older<\/strong>.<\/li>\n\n\n\n<li>Annual household income of <strong>$65,000 or less<\/strong>.<\/li>\n\n\n\n<li>Must have adequate equity in the property.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Benefit<\/strong>: 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%).<\/li>\n\n\n\n<li><strong>How to Apply<\/strong>: Applications are submitted to your county treasurer&#8217;s office, typically by <strong>March 1st<\/strong> each year.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. General Homestead Exemption<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eligibility<\/strong>: Illinois homeowners who occupy their property as their primary residence.<\/li>\n\n\n\n<li><strong>Benefit<\/strong>: Reduces the EAV of your property by <strong>$6,000<\/strong>.<\/li>\n\n\n\n<li><strong>How to Apply<\/strong>: Usually applied automatically, but check with your assessor&#8217;s office to confirm.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Next Steps<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Contact Local Officials<\/strong>: Since programs can vary slightly by county, reach out to your <strong>local township or county assessor&#8217;s office<\/strong> for specific information and application forms.<\/li>\n\n\n\n<li><strong>Prepare Documentation<\/strong>: You may need proof of age, income, and residency when applying.<\/li>\n\n\n\n<li><strong>Be Mindful of Deadlines<\/strong>: Application deadlines can vary, so it&#8217;s important to submit your forms on time.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 2. Senior Citizens Assessment Freeze Homestead Exemption 3. Senior Citizens Real Estate Tax Deferral Program 4. General Homestead &hellip; <a href=\"https:\/\/www.quicksetupguide.com\/blog\/2024\/09\/28\/i-am-65-years-old-living-in-illinois-can-i-get-property-tax-reduction\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">I am 65 years old living in Illinois. Can I get property tax reduction?<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-7175","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/7175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/comments?post=7175"}],"version-history":[{"count":1,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/7175\/revisions"}],"predecessor-version":[{"id":7176,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/posts\/7175\/revisions\/7176"}],"wp:attachment":[{"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/media?parent=7175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/categories?post=7175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quicksetupguide.com\/blog\/wp-json\/wp\/v2\/tags?post=7175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}