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Vermilion County, Illinois www.vercounty.org |
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Property Tax Exemptions
Disabled Persons' Exemption Disabled Persons' ExemptionThe new Disabled Persons’ Homestead
Exemption (35 ILCS 200/15-168) provides a $2,000 reduction in a
property’s EAV to a qualifying property owned by a disabled person. Disabled Veterans' Standard ExemptionThe new Disabled Veterans’ Standard
Homestead Exemption (35 ILCS 200/15-169) provides a reduction in a
property’s EAV to a qualifying property owned by a veteran with a
service-connected disability certified by the U. S. Department of Veterans’
Affairs. A $2,500 homestead exemption is available to a veteran with a
service-connected disability of at least 50% but less than 75% or a $5,000
homestead exemption is available to a veteran with a service-connected
disability of at least 75%. The current Disabled Veterans’ Homestead Exemption (35 ILCS 200/15-165) that provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing will continue to be available through the local Veterans’ Affairs Office. A disabled person’s or disabled
veteran’s property can receive only one of the following exemptions each year:
Disabled Veterans’ Exemption (35 ILCS 200/15-165), Disabled Persons’ Homestead
Exemption (35 ILCS 200/ 15-168) or the Disabled Veterans’ Standard Homestead
Exemption (35 ILCS 200/15-169).
Homestead Improvement Exemption (H.I.E.)Homeowners who have made
improvements to an existing residential structure may qualify for the
H.I.E. for up to $75,000 of the value of the improvements, if an assessment
increase has resulted. The H.I.E. can continue for up to 4 years from the
completion of the improvements. Property owners who have questions about this
particular exemption should contact their Township Assessor. Owner Occupied ExemptionThe Owner Occupied Exemption (or
general homestead exemption) is given to any taxpayer who owns and
occupies a property as his or their principal dwelling, and has a
current application on file with the Supervisor of Assessments' office,
Courthouse Annex. This exemption goes up to a maximum reduction of $5,000 based
on 1977 equalized values. It also applies to each apartment owned and operated
as a cooperative to the extent that the apartment is occupied by a person liable
for the property taxes and who has an ownership interest in the cooperative.
(554-1940)
Returning Veteran ExemptionThe new Returning Veterans’ Homestead
Exemption (35 ILCS 200/15-167) provides a one-time $5,000 reduction
in a property’s equalized assessed value (EAV) to qualifying veterans who return
from active duty in an armed conflict involving the armed forces of the United
States. Senior Citizens Assessment Freeze Homestead ExemptionThe Senior Citizens
Assessment Freeze Homestead Exemption is available to persons 65 years of
age with a total household income for the previous year of $50,000 or
less, and who reside on the property. Property owners must apply for this
exemption annually by July 1st. For more information on this exemption
and its requirements, please contact the Supervisor of Assessments' office at
the Courthouse Annex. (554-1940) This exemption has a declining benefit
from $45,000 - $50,000. Senior Citizen ExemptionThe Senior Citizen Exemption is
for taxpayers who will be 65 years of age or older any time during the
assessment year and who own and occupy their principal dwelling December
31st of the assessment year. Application for this $3,500 reduction in the
assessed value must be made at the Supervisor of Assessments' office at the
Courthouse Annex. (554-1940) |
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