The Illinois Historic Resident Freeze-2016 is a property tax relief program for qualifying homeowners in the state of Illinois. This program freezes the property tax assessment of a person's primary residence. This freeze is applied to both the home's fair market value and the Equalized Assessed Value (EAV). The freeze helps to ensure that a homeowner's property taxes do not increase due to increases in property values in their town or township. There are two types of Illinois Historic Resident Freeze-2016: the Senior Citizens Homestead Exemption and the Disabled Persons Homestead Exemption. To be eligible for the Senior Citizens Homestead Exemption, the homeowner must be over the age of 65 and have an income below the maximum allowed by the program. The Disabled Persons Homestead Exemption is available to an individual who is permanently and totally disabled and has an income below a certain limit. Both programs require the homeowner to have owned and occupied the property for at least one year prior to applying.
Illinois Historic Resident Freeze-2016
Description
How to fill out Illinois Historic Resident Freeze-2016?
If you’re looking for a method to effectively fulfill the Illinois Historic Resident Freeze-2016 without enlisting a legal expert, then you’re in the ideal spot.
US Legal Forms has established itself as the most comprehensive and esteemed collection of official templates for every personal and business circumstance. Each document available on our online platform is crafted in alignment with national and state laws, ensuring that your paperwork is properly arranged.
Another impressive feature of US Legal Forms is that you will never lose any documents you purchased - you can access any of your downloaded forms in the My documents section of your profile whenever you need them.
- Verify that the document displayed on the page aligns with your legal requirements and state laws by examining its description or utilizing the Preview mode.
- Enter the document title in the Search tab at the top of the page and select your state from the dropdown menu to find another template if there are any discrepancies.
- Repeat the content verification process and click Buy now when you are certain about the document's compliance with all regulations.
- Log in to your account and hit Download. If you don't yet have an account, register for the service and choose a subscription plan.
- Utilize your credit card or PayPal to pay for your US Legal Forms subscription. The form will be ready for download immediately afterward.
- Choose the format you wish to receive your Illinois Historic Resident Freeze-2016 in and download it by clicking the corresponding button.
- Upload your template to an online editor for quick completion and signing, or print it out to manually prepare your physical copy.
Form popularity
FAQ
Do I have to apply every year? No. Once you apply, the Homeowner Exemption will renew automatically in subsequent years as long as your residency remains the same.
Senior Citizens Real Estate Tax Deferral Program allows persons 65 years of age and older, who have a total household income of less than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences.
Property Tax Freeze for Historic Residences What it does: Freezes property taxes over a 12-year period for rehabilitating an owner-occupied single-family home, condominium, cooperative unit, or a multi- family building of up to 6 units (where one of the units is owner-occupied).
The Illinois Revenue Act (35 ILCS 200/Art. 10 Div. 4) provides owner-occupants with an eight-year freeze on the assessed value of their historic residences. After the eight-year assessment freeze period, there is a four-year period during which the property's assessed value steps up to its current amount.
The Longtime Homeowner Exemption enables property owners to receive an expanded Homeowner Exemption with no maximum exemption amount. Of the 1.5 million residential properties in Cook County, fewer than 2% qualified for the Longtime Occupant Homeowner Exemption last year.
General Homestead Exemption (GHE) (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.
The Home Improvement Exemption allows a homeowner to add improvements to their home that add to its value (for example, by increasing the building's square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years. No application is required.
