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If homeowners own and reside in their property, they are eligible for a General Homestead Exemption of up to $6,000 to be deducted from the assessed value before their tax bill is calculated. Pro-rata assessments are eligible for a pro-rated general homestead exemption Homeowners who improve existing property (an addition, garage, deck, etc.) may qualify for a Home Improvement Exemption of $75,000 Market Value which could delay the amount of increase in assessed value for a four-year period. Persons who are 65 or older are eligible for the Senior Citizen's Exemption, which deducts an additional $5,000 from the assessed value. The Senior Citizen Assessment Freeze Homestead Exemption applies to those who meet these qualifications: · turn 65 or older during this year · are the owner of record of the residence · were living in the residence on January 1 of the year they apply and on January 1 of the previous year · the total previous year's income of everyone living in the residence on January 1 of the year they apply is $55,000 or less (This requirement relates to "household" income, including all persons who live with you.) ** This exemption freezes the assessed value - NOT the taxes. If taxing districts ask for more dollars, your tax bill could still increase. ** For
further details on eligibility and filing deadlines, call (309) 888-5130. ** For additional exemptions related to developers, disabled veterans, disabled persons, home improvement exemption, and returning veterans, click on the link below. NOTE: You must apply for ALL
exemptions.
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