Exemptions reduce the Equalized Assessed Value (EAV) by a specific amount; the actual tax savings depends on the current tax rate for that property.

The General Homestead Exemption reduces the EAV of an owner occupied dwelling by $5,500 for 2008 and $6,000 for 2009.

The Senior Citizen Homestead Exemption (over 65) reduces the EAV of a senior-owned and occupied dwelling by $4,000.

The Senior Citizen Assessment Freeze Exemption freezes the EAV of a senior-owned and occupied dwelling at a base year, causing the assessment not to increase; this is restricted to households with a total income of $55,000 or less.

The Homestead Improvement Exemption reduces the EAV of a qualifying new improvement added to the existing assessment, of an owner occupied property, up to $25,000 ($75,000 market value). This is a four year exemption.

Other Exemptions Available
* Disabled Veterans’ Standard Homestead
* Disabled Persons’ Homestead
* Returning Veterans’ Homestead

For information on any of the exemptions listed above please call our office.

Other Taxpayer Assistance Programs

The Senior Citizen Real Estate Tax Deferral Program allows qualified senior citizens to defer part or all of the property taxes on their property. It is a form of a loan with interest which is to be repaid after the taxpayer’s death or at the time the property is sold. Contact the Kane County Treasurer for more information.

The Circuit Breaker provides low-income senior citizens and disabled citizens yearly grants to help pay property taxes. To apply, you need to complete Form IL-1363. You may get this form online at www.cbrx.il.gov/aging or call 1-800-624-2459.