Ptax 340 2025

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The document PTAX-340 is an application form for the Senior Citizens Assessment Freeze Homestead Exemption in Illinois. It allows eligible senior citizens, aged 65 or older, to freeze their home's assessed value to prevent increases due to inflation, provided their household income is $65,000 or less. The form requires personal and property information, details about household income, and an affidavit confirming eligibility. It must be filed annually by a specified deadline to maintain the exemption.

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Who is subject to Illinois personal property tax replacement income tax?

Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.

How do I transfer ownership of a property in Illinois?

You must file either (1) Form PTAX-203 and any required documents with the deed or trust document or (2) an exemption notation on the original deed or trust document at the County Recorders office within the county where the property is located.

What is the Illinois PTAX form?

County offices and the Illinois Department of Revenue use this form to collect sales data and to determine if a sale can be used in assessment ratio studies. This information is used to compute equalization factors.

What is Ptax-340 Illinois?

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

What is the income limit for the senior freeze 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.

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 Illinois personal property transfer tax?

In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD.

Ptax 340 2025

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