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PTAX 340 (Property Tax Assessment and Collection) is a property assessment and collection program administered by Tazewell County, Illinois. It is designed to assess and collect all property taxes due to the county. It also provides information to taxpayers on their tax bills, payment options, and other related topics.
Click Here for Form 2023 (PTAX-340) This exemption allows senior citizens who have a total household maximum income of less than $65,000 and meet certain other qualifications to elect to maintain the EAV of their homes at the base year EAV and prevent any increase in that value due to inflation.
This program allows persons 65 years of age and older, who have a total household income for the year of no greater than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments (up to a maximum of $7,500) on their principal residences.
Provides that, for taxable year 2023, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is (i) $75,000 for qualified property in a county with 3,000,000 or more inhabitants and (ii) $65,000 for qualified property located in a county with fewer than 3,000,000
The Senior Citizen Assessment Freeze Homestead Exemption PTAX-340 is an exemption equal to the difference between the current assessment and the frozen assessed value established at the time of the original application.
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A Person with Disabilities Exemption is for persons with disabilities and provides an annual $2,000 reduction in the equalized assessed value (EAV) of the property.
Pursuant to Section 15-180 of the Illinois Property Tax Code; the applicant may be eligible for an exemption of up to $75,000 in market value for new improvements to their homestead property that is owned and used exclusively for residential purposes by the applicant or if the homestead property was rebuilt within 2
Homestead Exemption for Persons with Disabilities This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes.

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