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