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from Local Attorney, Michael H. Wasserman

Monday, January 28, 2008

PROPERTY TAX RELIEF FOR SENIORS TOO !

Illinois homeowners who are also SENIOR CITIZENS will be eligible for at least some property tax relief with regard to their qualifying principal residences, as part a new law, passed in October, 2007.

The SENIOR CITIZEN Homestead Exemption, granted to persons that are 65 years old or older for their principal residence, will increase from $3,500 to $4,000 effective with the 2008 tax year (payable in 2009).

The exemption reduces a property’s “Equalized Assessed Value” (EAV), one of the three critical data points used in calculating tax bills (together with the local tax rate and state equalization factors).

The SENIOR CITIZEN ASSESSMENT FREEZE Exemption freezes a property’s EAV, provided that the maximum household income does not exceed a stated amount. That income level increases from $50,000 to $55,000, effective with the 2008 tax year (payable in 2009).

The exemption reduces a property’s “Equalized Assessed Value” (EAV), one of the three critical data points used in calculating tax bills (together with the local tax rate and state equalization factors).