Real Estate Tax Exemptions and Info – Part 1

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.

roll of 50sIf 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.

Exemption Assessment Reduction Criteria/Details
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

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