 |
| Flickr.com |
- Homeowner (Homestead) Exemption: Actually living in your home instead of having an investment property or vacation home entitles you to a sizable tax break.
- Senior Citizen Exemption: Senior citizens may be eligible for tax breaks.
- Home Improvement Exemption: If significant improvements are made to your home, the increased value of your home may be temporarily exempt from the assessment. Sometimes the increased value of your home is gradually phased into the assessment over several years so that your property tax bill does not dramatically rise. During the exemption phase, thousands of dollars may be saved in taxes.
- Veteran Exemption: Veterans may be eligible for large tax exemptions and in Illinois, disabled veterans may receive a property tax exemption of up to $70,000 of the assessed value of his or her primary residence.