What qualifies you for a property tax savings?

On Behalf of | Oct 5, 2020 | tax law | 0 comments

Illinois property taxes may feel crushing when it comes time to pay. Regardless of how you have saved to pay them, they may escalate suddenly, leaving you strapped.

Is there any type of relief? You may qualify for a property tax break or exemption for a few reasons. Discover a few ways you may receive a much-needed break on those high property taxes.

Homestead exemption

A homestead exemption is available if you own the property you reside in and are responsible for paying property taxes. A homestead exemption excludes a portion of the value of your home when calculating property tax. This decreases the amount you owe in tax by reducing the value of your home. In Cook County, you may receive up to a $10,000 homestead exemption. You may qualify for additional homestead exemptions to reduce your property tax if you are:

  • A disabled veteran
  • A senior citizen
  • A long-time occupant
  • A disabled individual

Property tax assessments

You may challenge the value the property assessor places on your home if you do not think it is correct. You only want to do this if you believe the real value is less than what the county bases your taxes on. If your taxes do go up, you may want to look at other tax break situations that you may have overlooked. If you made any kind of dramatic improvements on your residence, you may receive an additional $75,000 exemption.

Making the most of any and all exemptions available may find your property tax bill greatly reduced and keep money in your pocket longer.