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PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1

PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1-2025

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The document is the PTAX-340 form for the 2014 Senior Citizens Assessment Freeze Homestead Exemption, which allows eligible senior citizens to freeze their home's assessed value to prevent increases due to inflation. It outlines the application process, eligibility criteria (including age and income limits), required information about the applicant and property, and details on household income. The form must be completed and submitted by a specified deadline to qualify for the exemption.

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Click ‘Get Form’ to open the PTAX-340 in the editor.
Begin with Part 1: Applicant Information. Fill in your first name, last name, mailing address, date of birth, and contact details. Ensure accuracy as this information is crucial for processing your application.
Move to Part 2: Property Information. Enter the street address of the property and its parcel index number (PIN). If you have previously received this exemption, indicate the base year.
In Part 3: Household Income for 2013, list all sources of income for you and your household members. Be thorough; include Social Security benefits, wages, and any other relevant income.
Complete Part 4: Affidavit by marking applicable statements regarding property ownership and age. Don’t forget to sign and date the form before submission.

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Does California freeze property taxes for seniors?

The State Controllers Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria, including at least 40 percent equity in the home and an annual household income of $55,181 or less

How much do property taxes go down when you turn 65 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%.).

How much is the homestead exemption in Illinois?

General Homestead Exemption (GHE) (35 ILCS 200/15-175) The amount of exemption is the increase in the current years 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.

Do property taxes go down after age 65?

Often, if youre 65 or older, youll be able to reduce your property tax bill not only on a house but mobile and manufactured homes, houseboats, townhomes, condominiums and so on. You will have to apply: You typically need to apply for a senior freeze.

Does your tax rate go down when you turn 65?

Higher standard deduction. If you dont itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year.

Do property taxes decrease at age 65 in Illinois?

Seniors can save, on average, up to $300 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. The applicant must have owned and occupied the property as of January 1 and must have been 65 years of age or older during the tax year in question.

Who is eligible for senior freeze in Illinois in 2025?

Have a total household income $65,000 or less in 2024. SPECIAL SITUATIONS: If your property is assessed under the mobile home privilege tax, you do not qualify for this exemption. exemption in 2025, and you meet all requirements except the age requirement, you are eligible for this exemption in 2025.

PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1-2025

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Does your tax rate go down when you turn 65?

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Do property taxes decrease at age 65 in Illinois?

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PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1-2025

Here's how it works

How to use or fill out PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1 with our platform

See more PTAX-340 2016 Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit JULY 1 versions

Complete this form in 5 minutes or less

Got questions?

Does California freeze property taxes for seniors?

How much do property taxes go down when you turn 65 in Illinois?

How much is the homestead exemption in Illinois?

Do property taxes go down after age 65?

Does your tax rate go down when you turn 65?

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People also ask

Do property taxes decrease at age 65 in Illinois?

Who is eligible for senior freeze in Illinois in 2025?

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