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Click ‘Get Form’ to open the PTAX-324 application in the editor.
Begin by entering your property owner’s name, street address, city, state, and ZIP code in the designated fields. Ensure that your daytime phone number and email address are also included.
Provide the mailing address if it differs from the property address. Enter your date of birth, ensuring you meet the age requirement for the exemption.
Fill in the assessment year for which you are applying and include your property index number (PIN). If you cannot find your PIN, provide a legal description of the property.
Indicate whether you have previously received a senior citizens homestead exemption on this property by selecting 'Yes' or 'No'.
Complete eligibility information by checking your type of residence and confirming if it was your principal residence on January 1.
Attach proof of ownership documentation as required and sign at the bottom of the form to validate your application.
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Whats the difference between a senior freeze and a senior exemption?
The senior citizen exemption reduces the tax bill by a sum certain each year. The actual deduction is $5,000 times the local tax rate. So, if the local tax rate is 6%, the senior citizen exemption will be $300. The goal of senior freeze is to lock the taxable value of the seniors home.
How much is the senior exemption in Illinois?
Senior Citizens Homestead Exemption The maximum amount of the reduction in equalized assessed value is $8,000 in Cook County and counties contiguous to Cook County or $5,000 in all other counties.
What is the income limit for property tax deduction in Illinois?
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).
Is there any tax exemption for senior citizens?
Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above. Conditions for exemption are: Senior Citizen should be of age 75 years or above.
How do I get a senior discount on property taxes in Illinois?
To qualify you must: be age 65 by December 31st of the assessment year for which the application is made. own and occupy the property. be liable for the payment of real estate taxes on the property.
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Does Illinois offer property tax relief for seniors?
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.
How much do property taxes go down when you turn 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.
What is the standard exemption for seniors?
On top of those increases to the standard deduction, OBBB adds an additional $6,000 deduction (per individual) for taxpayers 65 or older. This new deduction supplements a preexisting addition to the standard deduction for seniors of $2,000 for single filers and $1,600 per qualifying individual for married filers.
2022 SENIOR ASSESSMENT FREEZE APPLICATION PTAX-340. If your total household income is greater than $65,000, you do NOT QUALIFY for the Senior Freeze Exemption.Read more
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