Author - chicagotax1

Changes to the General Homestead and Senior Citizens Homestead Exemption

Make sure to apply for your exemptions! The General Homestead Exemption and the Senior Citizen Homestead Exemption have increased for 2017. Originally, the Homeowner Exemption was 7,000 in equalizes assessed value. This has been increased to 10,000. Then, the Senior Citizen Exemption increased from 5,000 to 8,000 in equalized value. In both cases, the Exemptions are applicable to the Second Installment of the 2017 Tax Bill paid in the summer of 2018.

What Does That Mean?

The average Home Owner will have their tax bill reduced by about $200 annually, and Seniors will have their tax bill reduced by about $400.

 Without ExemptionsBefore Exemption IncreaseAfter Exemption Increase
Taxes $9,831.52$ 8,989.78$8,568.91
Assessed Value50,000 50,000 50,000
Equalization Factor (2016) 2.80322.8032 2.8032
EAV (Equalized Assessed Value)140,160140,160140,160
Home Owner Exemption7,000 10,000
Senior Exemption 5,0008,000
Reduced EAV 140,160 128,160 122,160
Local Tax Rate (2016)7.0145%7.0145%7.0145%



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