Update 8/4/09: Info on reducing your home’s assessed value
I’m sure everyone loves to pay real estate taxes but if you would love to pay a little bit less in real estate taxes check out the table below to see if you qualify for any reductions.
If you only own 1 home, then there is a VERY high chance that you should be taking advantage of the Owner Occupied or Homestead Exemption. In Champaign County this saves you a few hundred dollars a year depending on your location. If you have questions on this feel free to contact me, the Champaign County Assessor, or your tax professional for more info.
|Owner Occupied Exemption||$5500||You own it and you live in it as your principal residence|
|65+ Exemption||$4000||65 years old as of Dec 31st of the assessed year|
|Homestead Improvement Exemption||Up to $75,000 in Assessed Value for 4 years||Have you made substantial improvements to your home increasing the assessed value?|
|Returning Veterans Exemption||1-time $5000 reduction||Available the year a veteran returns from active duty|
|Disabled Veterans Exemption||Up to $5000||Based on a ‘service connected disability’ and the level of disability|
|Disabled Persons Exemption||Up to $2000||Specific Criteria established by the Champaign County Assessor|
There is also a tax assessment freeze available for those 65 and older that meet certain income requirements. You can read a bit more on the Senior Assessment Freeze here.
Interested in looking up your current Champaign County tax bill? Check it here.
If you are interested in owning a home in Champaign, Urbana, Savoy or any other community in Champaign County check out www.ChampaignExperts.com
Your Local Real Estate Experts!Mark Waldhoff — CRS, GRI, ePro Keller Williams Realty — The Real Estate Center of Illinois 821 S. Neil Street, Champaign, IL 61820 Office: 217-239-7114 — Mark@ChampaignExperts.com