General Homestead Exemption

• Taxpayer must own and reside in the home
• Can receive up to $6000 reduction
• Renewal is not required after first signing

 

Senior Citizen’s Homestead Exemption

• Taxpayer must own and reside in the home
• Owner must be 65 years of age or older
• A reduction of $5000

 

Senior Citizen’s Low Income Property Assessment Freeze

• Taxpayer must own and reside in the home
• Must be 65 years of age or older
• Annual household income less than $65000
• Assessment is frozen at its value in the year prior to the initial application
• Application must be renewed each year

 

Home Improvement Exemption

• Taxpayer must own and reside in the home
• Your assessment must increase due to the new improvement
• A four year exemption, due to the increase in value – up to $25,000 per year
• An application must be filed for each new improvement

 

Returning Veterans’ Homestead Exemption – any Veteran who returned from active duty in an armed conflict involving the armed forces of the United States.  This is a one- time reduction of $5000 for the taxable year the veteran returns from active duty.  You must file upon returning home.

 

Disabled Persons’ Homestead Exemption

• To qualify the property owner must be 100% disabled.
• This is a reduction of $2000.
• Must renew this annually.

 

Disabled Veterans’ Standard Homestead Exemption

• any Veteran with a service-connected disability.
• If disability is 30%-50% the reduction is $2500,
• If disability is 50%-70% the reduction is $5000.
• If disability is 70%-100% the residential property is exempt from taxation
• Must renew this annually.

 

A disabled persons’ or disabled veteran’s property can receive only one of the following exemptions each year:

• Disabled Persons’ Homestead Exemption
• Disabled Veterans’ Standard Homestead Exemption
• 100% Disabled Veterans’ Homestead Exemption

 

Please visit the following link to access the forms on Madison County’s website   www.madisoncountyil.gov/ccaoforms