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Ptax 340 2025

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The document is the PTAX-340 form for the 2022 Senior Citizens Assessment Freeze Homestead Exemption in Illinois. It provides instructions for eligible senior citizens to apply for a property tax exemption that freezes their home's assessed value, preventing increases due to inflation. The form requires personal and property information, details about household income, and an affidavit confirming eligibility criteria such as age and income limits. The application must be submitted by a specified deadline to qualify for the exemption.

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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 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.

Who qualifies for a property tax exemption in Illinois?

Most homeowners are eligible for this exemption if they meet the requirements for the Senior Exemption and have a total household annual income of $65,000 or less in the calendar year 2022. This exemption provides significant savings by freezing the equalized assessed value of an eligible property.

What is a Ptax form in Illinois?

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.

Who qualifies for tax exempt status in Illinois?

Information for exclusively charitable, religious, or educational organizations; governmental bodies; and certain other tax-exempt organizations. Qualified organizations, as determined by the Illinois Department of Revenue (IDOR), are exempt from paying sales taxes in Illinois.

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What is Ptax-340 Illinois?

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