General Homestead: Homestead property includes property that is occupied by the owners as their principle dwelling place. The maximum exemption for any one year is $5,000 off the assessed valuation.

Homestead Improvement Exemption: Limited to an annual maximum of $75,000 actual value when the property is owned and used exclusively for a residential purpose. When an increase in assessed value is attributable solely to a new improvement of an existing structure. The amount of the exemption shall be limited to the actual value added by the new improvement up to an annual maximum of $75,000 and shall continue for 4 years from the date the improvement is completed and occupied.

Veterans Exemption: The Veterans Exemption is granted to a disabled veteran who has served in the armed forces of the United States and who has acquired in connection with that service a disability of such nature that the Federal Government has authorized payment for purchase or construction of specially adapted housing as set forth in the U.S. Code Title 38, Chapter 21. This exemption covers real property up to an assessed value of $50,000. The Veterans Exemption must be reestablished on an annual basis by certification from the Illinois Department of Veterans' Affairs to the Supervisor of Assessments' Office.

Senior Homestead Exemption: Homestead property that is occupied as the principle residence by a person 65 years of age or older who is liable for the real estate taxes on the property and is owner of record or has a legal interest in the property. You must file for this exemption. Forms are available at the Assessor's Office and we will be happy to assist you. This is a $3,000 reduction off your assessed valuation.

Senior Citizen Assessment Freeze: To qualify for this exemption you must:

• be 65 years of age or older this taxable year
  
• Have a total household income of no more then $45,000 for the prior year
  
• Have used the property as your principle place of residence on January 1st of the taxable year and
  
• Own the property, or have legal or equitable interest in the property and
  
• Be liable for the payment of the property taxes for the taxable year

This exemption allows qualified senior citizens to elect to freeze the equalized assessed value (EAV) on their property, for the year the applicant first becomes eligible. This does not freeze the amount of your tax bill. Only the EAV remains at the fixed amount. The amount of dollars that the taxing districts ask for (levy) and the tax rate will determine the amount of your tax bill.

Other Tax Savings Programs Available
to Senior Citizens

Senior Citizen Real Estate Tax Deferral: This is a program, which allows qualified senior citizens to defer part or all of the property taxes on their personal residence. It is a form of a loan with an added interest rate, which is to be repaid after the liquidation of the estate.

Circuit Breaker: This state program provides a yearly grant for relief from property or mobile home taxes as well as rent or nursing home charges that qualifying seniors and disabled persons. ***Expansion of Circuit Breaker Program*** Provides pharmaceutical assistance, property tax relief and discounted license vehicle registration fees for qualifying seniors. The level of annual income for eligible senior has been raised from $16,000 per household to a graduated system of:

• $21,218 for a one-person household
• $28,480 for a two-person household
• $35,740 for a household of three or more

In this program, qualifying seniors will only pay an annual fee of $25.00 and a prescription fee of $3.00. Seniors below the poverty line will only pay $5.00 annually. Formerly the pharmaceutical assistance program applied to a very few disease, but with the new program it has been extended to all major medical conditions related to aging such as Alzheimer's disease, cancer, Parkinson's disease, glaucoma, lung diseases, smoking related illness, heart disease and arthritis.

Tax Bills & Collection: Taxes are paid in two installments in Kane County, with the first due June 1st unless the date is extended because of late billing. The second installment is then due September 1st. The Kane County Collector mails the tax bill to the taxpayers at least 30 days before the first installment is due. The tax bill may be paid at the Collector's Office in Geneva or any designated bank in Kane County. It is the taxpayers' responsibility to keep their address current with the Collector. If taxpayers do not receive a bill, they should inquire with the Collector.

If you have any questions feel free to call my office at (847)741-5110, Hours 8:00 a.m. to 4:00 p.m. Monday thru Friday, at 729 S. McLean Blvd, Elgin.