This annual exemption is available for residential property that is occupied as the principal dwelling place of the owner, or a lessee; with a legal or equitable interest in the property; with a single-family residence; and who is liable for the payment of the property taxes on the leased property. 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 $7,000 in Cook County and $6,000 in all other counties. The General Homestead Exemption may be granted automatically or may require an initial application to be filed with the chief county assessment office. For information and to apply contact the chief county assessment office.
Public Act 98-0007 which passed into law in 2013 increases the GHE amount for Cook County from $6,000 to $7,000 beginning with the 2012 tax year (property taxes payable in 2013). The increase in GHE for Cook County will help to offset the increase in EAV due to the Alternative General Homestead Exemption expiring in each of the assessment districts for the City of Chicago and the North and South Suburbs.
In Cook County, owner-occupied residences may be eligible for an Alternative General Homestead Exemption (AGHE), also known as the 7% expanded homeowner exemption. This exemption limits the increase of a property's EAV to 7% each year which is applied as an expanded version to the General Homestead Exemption. The exemption amount will vary each year from the minimum amount calculated for the GHE up to a maximum amount that is based on the property’s annual increase in EAV and its general assessment year. The exemption is limited to the amount of the GHE for properties that receive the Senior Citizen Assessment Freeze Homestead Exemption. For information and to apply for the exemption, contact the Cook County Assessor's Office
The AGHE was created under Public Act 93-715 in Cook County beginning with the general assessment year in 2003 (property taxes are paid the following year in 2004) for the City of Chicago, 2004 (property taxes paid 2005) for the North Suburbs, and 2005 (property taxes paid 2006) for the South Suburbs. Public Act 95-644 that passed into law in 2007 renewed the exemption in Cook County for the 3-year general assessment cycle in the City of Chicago for 2006-2008 tax years, North Suburbs for 2007-2009 tax years, and South Suburbs for 2008-2010 tax years. In 2010, Public Act 96-1418 passed into law which renewed the exemption for another 3-year general assessment cycle in the City of Chicago for 2009-2011 tax years, North Suburbs for 2010-2012 tax years, and South Suburbs for 2011-2013 tax years. This legislation also reduced the maximum amount of the AGHE. The General Homestead Exemption will be in effect after the AGHE expires in each assessment district.
Beginning in tax year 2007 and after, this exemption is an annual reduction in EAV on the primary residence occupied by a qualified disabled veteran. The disabled veteran must own or lease a single family residence and be liable for the payment of the property taxes. The amount of the exemption depends on the percentage of the service-connected disability as certified by the U. S. Dept. of Veterans’ Affairs. A qualified disabled veteran with a disability of at least 50% but less than 70% will receive a $2,500 reduction in EAV, and a disabled veteran with a disability of at least 70% will receive a $5,000 reduction in EAV.
The initial application Form PTAX-342 Application for Disabled Veterans’ Standard Homestead Exemption must be filed with the chief county assessment office. The Form PTAX-342-R, Annual Verification of Eligibility for Disabled Veterans’ Standard Homestead Exemption must be filed each year to continue to receive the exemption. For a single tax year, the property cannot receive this exemption and the Disabled Persons’ Homestead Exemption or Disabled Veterans’ Homestead Exemption. For more information contact the chief county assessment office.
An un-remarried surviving spouse of a disabled veteran can continue to receive the DVSHE on his or her spouse’s primary residence or transfer the DVSHE to another primary residence after the disabled veteran’s original primary residence is sold, provided the DVSHE had previously been granted to the disabled veteran. The surviving spouse must occupy and hold legal or beneficial title to the primary residence on January 1 of the assessment year and submit a PTAX-342 Application for Disabled Veterans’ Standard Homestead Exemption to transfer the DVSHE to themselves.
This exemption is limited to the fair cash value that was added to the homestead property by a new improvement, or the difference in an increase in assessed value between the prior structure and a rebuilt residential structure following a catastrophic event, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied. The Homestead Improvement Exemption may be granted automatically or Form PTAX-323, Application for Homestead Improvement Exemption may be required by the chief county assessment office. In Cook County, an application must be filed with the county assessor along with a valuation complaint. For information and to apply contact the Cook County Assessor's Office, all other counties contact the chief county assessment office.
This exemption is on homestead property for a rebuilt residential structure following a natural disaster occurring in the taxable year 2012 (property taxes payable 2013) or any taxable year thereafter. The amount of the exemption is the reduction in EAV of the residence in the first taxable year for which the taxpayer applies for an exemption minus the EAV of the residence for the taxable year prior to the taxable year in which the natural disaster occurred. The exemption continues at the same amount until the taxable year in which the property is sold or transferred. The initial application Form PTAX-327, Application for Natural Disaster Homestead Exemption must be filed with the chief county assessment office no later than July 1 of the first taxable year after the residential structure is rebuilt or the filing date set by your county. The Form PTAX-327 must be filed each year to continue to receive the exemption.
The limit slows the growth of revenues to taxing districts when property values and assessments are increasing faster than the rate of inflation. As a whole, property owners have some protection from tax bills that increase only because the market value of their property is rising rapidly. Payments for bonds issued without voter approval are subject to strict limitations. If a taxing district determines that it needs more money than is allowed by the limitation, it can ask the voters to approve an increase. The collar counties (DuPage, Kane, Lake, McHenry, and Will) became subject to the PTELL for the 1991 levy year for taxes paid in 1992; Cook County was added for the 1994 levy year for taxes paid in 1995. Public Act 89-510 allows county boards to give voters in all other counties the opportunity to decide if the PTELL should apply to their counties. In addition, Public Act 89-718 allows county boards of counties that are subject to the PTELL by referendum to give voters the opportunity to rescind the PTELL using the same referendum process. Excluding Cook and the collar counties, 42 counties have voted on referendum to implement PTELL—referenda passed in 33 counties that are subject to PTELL, rejected in 11 counties, and rescinded in 0 counties.
This exemption is a one-time $5,000 reduction in EAV on the principal residence of a veteran upon returning from active duty in an armed conflict involving the armed forces of the United States. Although the exemption is only for a single year, a qualifying veteran can receive the exemption for another tax year in which he or she returns from active duty. Applicants must file Form PTAX‑341, Application for Returning Veterans’ Homestead Exemption, with the chief county assessment office.
This exemption allows senior citizens who have a total household maximum income of less than $55,000, and meet certain other qualifications to elect to maintain the equalized assessed value (EAV) of their homes at the base year EAV and prevent any increase in that value due to inflation. The amount of the exemption benefit is determined each year based on
Each year applicants must file Form PTAX-340, Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit, with the chief county assessment office.
This annual exemption is available for residential property that is occupied as the principal residence of a person, who is 65 years of age or older during the assessment year. The person must be the owner; or have a leasehold interest in the property with a single-family residence; and be liable for the payment of the property taxes. The amount of the exemption is a $5,000 reduction in the EAV of the property. Filing requirements vary by county; some counties require an initial application, Form PTAX-324, Application for Senior Citizens Homestead Exemption, or an annual renewal application, Form PTAX-329, Certificate of Status - Senior Citizens Homestead Exemption, to be filed with the chief county assessment office. In Cook County, an application must be filed annually with the Cook County Assessor’s Office.
Public Act 98‑0007 which passed into law in 2013, increased the amount of the exemption to $5,000 in Cook county beginning with the 2012 tax year (property taxes payable in 2013) and to $5,000 for all counties beginning with the 2013 tax year (property taxes payable 2014).
This program allows persons, 65 years of age and older, who have a total household income for the year of no greater than $55,000 and meet certain other qualifications, to defer all or part (up to a maximum of $5,000) of the real estate taxes and special assessments on their principal residences. The deferral is similar to a loan against the property's market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property. To apply for real estate tax deferrals, Forms PTAX-1017-TD, Application for Deferral of Real Estate Taxes, and PTAX-1018-TD, Real Estate Tax Deferral and Recovery Agreement, must be completed. To apply for special assessment deferrals, Forms PTAX-1017-SA, Application for Deferral of Special Assessments, and PTAX-1018-SA, Special Assessments Deferral and Recovery Agreement, must be completed. Contact your local county treasurer’s office to receive the necessary forms, or further information on the program.