EXEMPTIONS

Several exemptions are available to homeowners.  The amounts are new for 2004 taxes payable in 2005

If homeowners own and reside in their property, they are eligible for a General Homestead Exemption of up to $5,000 to be deducted from the assessed value before their tax bill is calculated.  Pro-rata assessments are eligible for a pro-rated general homestead exemption

Homeowners who improve existing property (an addition, garage, deck, etc.) may qualify for a Home Improvement Exemption of $75,000 Market Value which could delay the amount of increase in assessed value for a four-year period.

Persons who are 65 or older are eligible for the Senior Citizen's Exemption, which deducts an additional $3,000 from the assessed value.

The Senior Citizen Assessment Freeze Homestead Exemption applies to those who meet these qualifications:

·         turn 65 or older during this year

·         are the owner of record of the residence

·         were living in the residence on January 1 of the year they apply and on January 1 of the previous year

·         the total previous year's income of everyone living in the residence on January 1 of the year they apply is $45,000 or less (This requirement relates to "household" income, including all persons who live with you.)

** This exemption freezes the assessed value - NOT the taxes. If taxing districts ask for more dollars, your tax bill could still increase.

** For further details on eligibility and filing deadlines, call (309) 888-5130.

NOTE: You must apply for ALL exemptions.
For other exemptions and abatements available from
McLean County:  http://www.mcleancountyil.gov/assessor/exemptions.htm