Property Tax Exemptions Available From
The Supervisor of Assessments
General Homestead Exemption (aka Owner Occupied Exemption)
This is for persons who own their home, duplex, condo, etc. (or have a lease which requires them to pay the real estate tax). The property must have been occupied by the current owner of January 1 of that tax year. This benefit may subtract up to $6,000 off the Department Equalized Value.
Senior Citizens Homestead Exemption (PTAX-324) (aka Homestead Exemption)
You must be at least 65 years of age or older during the year you are applying. You must also meet the requirements listed for the General Homestead Exemption. This benefit may subtract up to $5,000 off the Department Equalized Value.
PTAX-329, Certificate of Status-Senior Citizens Homestead Exemption must be filed each year.
Senior Citizens Assessment Freeze Homestead Exemption (PTAX-340) (SCAFHE)
This allows the qualified senior citizens to freeze the equalized assessed value of their property for the year proceeding the year in which the person first qualifies and applies for the exemption. This amount becomes the "base amount." The base amount may change if an improvement is added. It does not freeze the tax dollar Tax levies may change and alter the dollar due.
To qualify you must be at least 65 years of age or older for the taxable year. The total household income level for the prior year has increased to $55,000.
Applications for this exemption must be made each year and the requirements met each year.
The application has a two-page instruction and information sheet attached.
Returning Veterans' Homestead Exemption (Ptax-341)(35ILCS 200/15/167)
Public Act 95-644 created an exemption for returning veterans, this exemption is a $5,000 reduction in EAV on the principal residence of a veteran upon returning from active duty in an armed conflict involving the armed forces of the United States. The veteran must own and occupy the residence on January 1 of the assessment year to receive the exemption for the tax year. A qualifying veteran is eligible to receive the exemption again if the veteran returns home from active duty in a subsequent tax year.
Public Act 96-1418 expands the exemption from a single year to two consecutive tax years upon the veterans return from active duty. A returning veteran is eligible to receive the exemption the tax year and the following tax year the veteran returns home from active duty in an armed conflict involving the armed forces of the U.S. The exemption is available on the residence the veteran owns and occupies on January 1 of each tax year.
Public Act 96-1288 allows a veteran who acquires a principal residence after January 1 of the year the veteran returns home to be eligible for the exemption the next tax year. The exemption is available on the principal residence the veteran owns and occupies on January 1 of the next tax year only.
Applicants must file Form PTAX‑341, Application for Returning Veterans’ Homestead Exemption, with the chief county assessment office for the tax year the veteran returns home.
Disabled Persons' Homestead Exemption (PTAX343)(35 ILCS 200/15-168)
Provides a $2,000 reduction in a property's EAV to a qualifying property owned by a disabled person. A disabled person must file an annual application by the county's date to continue to receive the exemption.
Disabled Veterans' Standard Homestead Exemption(PTAX-342)(35 ILCS 200/15-169)
Provides a reduction in a property's EAV to a qualifying property owned by a veteran with a service-connected disability certified by the U.S. Department of Veterans' Affairs. A $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 50% but less than 70% or a $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 70%. A disabled veteran must file an annual application by the county's due date to continue to receive the exemption.
The current Disabled Veterans' Homestead Exemption (35 ILCS 200/15-165) that provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing will continue to be available through the local Veterans' Affairs Office.
A disabled person's or disabled veteran's property can receive only one of the following exemptions each year:
* Disabled Veterans' Homestead Exemption
* Disabled Persons' Homestead Exemption
* Disabled Veterans' Standard Homestead Exemption
Home Improvement Exemption
This is for properties which are owner occupied and the value of the home is increased due to improvements that are assessable. The exemption allows the homeowner not to pay on the increased valuation due to the improvement for up to four years. It allows up to $75,000, full value, in home improvements to be exempt for that time period.
Non-Homestead exemptions such as churches, property owned by units of government, schools and churches must apply for exemption and then annually report that the use of the property has not changed from the time when the exemption was first granted.
Contact the Montgomery County Treasurer/Collector.
Fraternal Organization Assessment Freeze
For applications or more information, please contact the Supervisor of Assessments.
The office of Supervisor of Assessments Ray Durston is located on the third floor of the Historic Courthouse in Hillsboro.
Phone :(217) 532-9595
Supervisor of Assessments
#1 Courthouse Square
Hillsboro, IL 62049