Taxpayers who received the Senior Freeze, Veterans With Disabilities and Persons with Disabilities Exemptions for 2021 will have to reapply for those exemptions. The Cook county Assessor’s office will mail those applications in April 2023.
Disabled Person Exemption
The Disabled Person Exemption allows a class 2 Disability to receive an annual $2,000 reduction off their equalized assessed value (EAV). To qualify you must be disabled during the assessment year, own or have a legal or equitable interest in the property, occupy the property as of January 1st of the taxable year, and be liable for the property taxes.
Disabled Veterans Standard Homeowner Exemption
Veterans with a service-connected disability of 30% or more, as certified by the U.S. Department of Veterans Affairs, are eligible for the Exemption on the primary residence occupied by the disabled veteran. This annual exemption reduces the Equalized Assessed Value (EAV) on a disabled veteran’s primary residence, very likely lowering the tax bill.
Non-remarried surviving spouses of veterans already receiving this Disabled Veterans Exemption are also eligible, as are non-remarried surviving spouses of would-be veterans who were killed in action (KIA) in 2015 or later. The KIA provision was part of the 2015 expansion of this Exemption.
It is very important to please note that the EAV is not the amount of your taxes. The EAV is the adjusted partial property value on which your taxes are computed; any reduction in EAV is not the dollar amount by which your tax bill may be lowered.
Home Improvement Exemption
The Home Improvement Exemption allows homeowners to make up to $75,000 worth of improvements to their property without having the assessed value of the improvement increase for at least four years for tax purposes. Homeowners will automatically receive the exemption after applying for the local building permit through their city/village. We process the permit and notify the Cook County Assessor which monitors and field checks the property.
Taxpayers can save as much as $1,000 a year in property taxes by a reduction in the homes equalized assessed value of $10,000. Qualifying for exemption requires that the property served as the taxpayer’s primary residence for that tax year.
Returning Veterans Exemption
If you returned from active duty in armed conflict you are eligible to receive a $5,000 reduction in the equalized assessed value of your property for each taxable year in which you return.
To qualify you must be: an Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard or U.S. Reserve Forces. You must be returning from active duty in an armed conflict involving the armed forces of the U.S. You must be the owner or have a legal or equitable interest in the property and used it as your principal place of residence since January 1 of the taxable year. You must be liable for the Payment of the property taxes.
Senior Citizen Assessment Freeze Exemption
The Senior Citizen Assessment Freeze Exemption allows qualified senior citizens to apply for a freeze of the equalized assessed value (EAV) of their property for the year preceding the year in which the applicant first qualifies and applies for this exemption. This exemption is income based and the amount of your total gross household income should be no more than $65,000 for the tax year prior to the year your filing for.
Senior Citizen’s Exemption
The Senior Citizen’s Exemption allows for a further reduction in the homes equalized assessed value of $8,000. To qualify, a taxpayer must be 65 years of age and the home must serve as a primary residence.