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The document is a PTAX-329 Certificate of Status form for Senior Citizens Homestead Exemption, which must be filed annually by property owners who received the exemption in the previous year. It outlines the filing requirements, including deadlines and necessary information to verify eligibility. Failure to file may result in termination of the exemption.

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What is the senior deferral for property taxes in Illinois?

APPLICATIONS ARE TAKEN: January through the cut-off date of March 1st each year the program is offered by the State of Illinois. The Senior Citizens Real Estate Tax Deferral program provides tax relief for qualified senior citizens by allowing them to defer $7,500 of their property tax on their principal residence.

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.

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%.).

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.

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.

What is Ptax 340 Illinois?

PTAX-340 - Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit.

How much is the senior citizen homestead 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.

Who qualifies 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.

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