Ptax 329 2025

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The document is a form (PTAX-329) for senior citizens to verify their eligibility for the homestead exemption in Illinois. It outlines who should file, the filing deadline of May 31 each year, and the necessary information required, including property details and eligibility questions. Failure to file may result in losing the exemption.

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2022	4.8 Satisfied (44 Votes)
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How much is the senior homestead exemption in Illinois?

The Senior Homestead Exemption provides for a maximum of an $8,000 reduction from the equalized assessed valuation. For a senior whose property is subject to an average tax rate of $7.2970 per one hundred dollars of assessed value, this results in a tax savings of $584 ($8,000 x 7.2970%.).

Why am I not eligible for the Illinois property tax rebate?

The property tax credit is not available to taxpayers with a federal AGI over $500,000 for married filing joint filing status ($250,000 for all other filing status).

How do you qualify for the Illinois property tax credit?

your principal residence must have been in Illinois during the prior year, you must have owned your principal residence, and. your property tax bill must have been paid during the taxable year.

At what age do seniors stop paying property taxes in Illinois?

Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1959 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessors Office automatically renews it for you each year.

Who qualifies for property tax relief in Illinois?

Be age 65 or older. Have a maximum gross household income of $65,000, including that of all persons using the property as their principal dwelling place on January 1st of the tax year. Obtain an application for the exemption at the Assessors office..

form year

Ptax 329 pdf Ptax 329 form PTAX-340

How does the senior freeze exemption work in Illinois?

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2023 calendar year. A Senior Freeze Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.

Who qualifies for homeowners exemption in Illinois?

Taxpayers whose primary residence is a single-family home, townhouse, inium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.