Dodging Property Taxes in the Prairie State: A Guide for the Silver-Haired Set
Let's face it, nobody enjoys paying property taxes. But hey, for those of us who've graduated to the "seasoned citizen" discount card tier (age 65 and over, that is), there's a little-known perk in Illinois: senior citizen property tax exemptions! That's right, it's like a tax-code treasure hunt, and this guide will be your map to buried savings.
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| What is The Over 65 Property Tax Exemption In Illinois |
Not All Exemptions Are Created Equal (Especially When It Comes to Age)
There are actually two main property tax exemptions for Illinois residents over 65:
The Senior Citizen Homestead Exemption: This bad boy reduces the equalized assessed value (EAV) of your primary residence by up to $8,000. EAV is basically a fancy way of saying the fancy way the government values your property for tax purposes. Lower EAV, lower property tax bill - like magic! But wait, there's more...
Circuit Breaker Property Tax Relief: This program is for folks who qualify based on income (more on that later). It allows you to defer a portion of your property taxes and special assessments, up to a maximum of $7,500. Deferring means you don't have to pay it right now, but you will eventually (think of it as an interest-free loan from Uncle Sam...with a few catches).
Hold on to your bifocals! Here's the catch: The amount of the Senior Citizen Homestead Exemption depends on where you live in Illinois. Cook County and its neighbors get the grand prize of $8,000, while everyone else gets a respectable $5,000 (as of tax year 2023 and after).
The moral of the story? Location, location, location! (Although, even a $5,000 saving is nothing to scoff at).
QuickTip: Reflect before moving to the next part.
How Do I Know If I Qualify? (Besides Being Awesomely Old)
For the Senior Citizen Homestead Exemption:
- You gotta be 65 or older by December 31st of the preceding year (so, for 2023 taxes, you had to be 65 by December 31st, 2022).
- Your primary residence must be in Illinois.
- This one is key: You actually have to file an application with your county assessor's office. Don't worry, it's not brain surgery (although, if you've had brain surgery, kudos to modern medicine!).
For Circuit Breaker Property Tax Relief:
- Same age requirement (65+).
- Must use your residence as your primary residence.
- The big one: Your total household income for the year preceding the tax year cannot exceed $65,000.
- There are other qualifications regarding disability and surviving spouses. It's best to check with your local county assessor's office for the nitty-gritty.
Okay, I'm In! How Do I Snag This Tax-Exempting Magic?
For the Senior Citizen Homestead Exemption:
QuickTip: Pause when something feels important.
- Contact your county assessor's office. They'll have all the info and forms you need to apply.
- Fill out the application completely and accurately. Don't let your grandkids fill it out - they're probably busy mastering TikTok anyway.
- Submit the application by the deadline. Don't be that person who forgets and misses out on savings! (We've all been there).
For Circuit Breaker Property Tax Relief:
- Same as above - contact your county assessor's office for application details and deadlines.
Remember: Every county is different, so it's always best to check with your local assessor's office for the most up-to-date information and specific application procedures.
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FAQ: Because Even Silver Surfers Have Questions
How to find my county assessor's office?
Tip: Write down what you learned.
A quick Google search with "[your county name] assessor's office" should do the trick!
How long does the Senior Citizen Homestead Exemption last?
Once approved, it usually renews automatically each year. But check with your county to be sure.
Tip: Remember, the small details add value.
How do I know if I qualify for Circuit Breaker Relief based on income?
The income limit is subject to change, so again, your county assessor's office is your best bet for the latest info.
What if I don't have a computer or internet access?
Most county assessor's offices have paper applications available. You can also call them and they should be able to help you out.
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