Illinois statutes provide for an exemption of up to $5,500 for 2008 and $6,000 for 2009 in equalized assessed value on homes occupied by the person legally responsible for the payment of real estate taxes. Upon moving into a residence it would be advisable to contact the Township Assessor so he/she may correct the records noting this fact.
Senior Homestead Exemption
The Senior Homestead Exemption is granted to owner-occupied properties if the owner is 65 years of age or older and was the owner-occupant of the property on January 1st of the assessment year. The exemption reduces the equalized assessed value by $5,000. The exemption may be applied for any time during the year the owner reaches 65 years of age. Application may be made at the Township Assessor’s office or the Supervisor of Assessments office. Proof of age and ownership is required with the application. Please call for required documentation.
Senior Assessment Freeze Homestead Exemption
This is an additional exemption provided to senior citizens eligible for the Homestead Exemption, with one additional requirement: The total annual GROSS HOUSEHOLD income must not exceed $55,000. For applications or questions concerning the exemption, please call the DuPage County Supervisor of Assessments Office at (630) 407-5858 or our office at (630) 530-8161.
Home Improvement Exemption
The Home Improvement Exemption, for a owner occupied residential property currently allows up to a maximum of $25,000 in assessed value ($75,000 actual value) when a proposed increase in assessed value is due solely to a new improvement of an existing structure. This is an AUTOMATIC four year exemption; application is not required.
Additional Benefits for Qualifying Senior Citizens
Circuit Breaker The Circuit Breaker is a cash grant program for seniors on a limited income including Social Security, pensions and interest payments. This grant is based on actual income, real estate taxes or rent, and does not have to be repaid. The prescription program has also been substantially expanded.
Property Tax Deferral Seniors whose annual income is under a specified amount may qualify for the Property Tax Deferral. Call the DuPage County Treasurer at (630) 407-5900, before March 1st of each year, for information.