IL Disabled Veterans Standard Homeowner Exemption - Cook County 2016-2025 free printable template

COOK COUNTY ASSESSORS OFFICE 118 NORTH CLARK STREET, RM 320 CHICAGO, IL 60602 PHONE: 312.443.7550 WWW.COOKCOUNTYASSESSOR.COCOON COUNTY ASSESSOR FRITZ KAEGIDisabled Veterans Standard Homeowner Exemption

How to fill out IL Disabled Veterans Standard Homeowner Exemption

How to fill out IL Disabled Veterans Standard Homeowner Exemption

1. Obtain Form PTAX-342, the application for the Disabled Veterans Standard Homeowner Exemption, from your local assessor's office or online.
2. Complete the applicant information section, including your name, address, and contact information.
3. Provide proof of eligibility by including documentation of your service-connected disability from the Department of Veterans Affairs (VA).
4. Indicate the property for which you are applying for the exemption, ensuring it is your primary residence.
5. Sign and date the application form.
6. Submit the completed application to your local assessing authority by the deadline, usually set for the first of the year.
7. Keep a copy of your application for your records.

Who needs IL Disabled Veterans Standard Homeowner Exemption?

1. Veterans who have a service-connected disability and meet the eligibility criteria set forth by the Illinois Department of Revenue.
2. Homeowners who are disabled veterans looking to reduce their property tax liability on their primary residence.

People Also Ask about

What is the general homestead exemption in Illinois?

This exemption is limited to the fair cash value, up to an annual maximum of $75,000 (or $25,000 in assessed value, which is 33 1/3 percent of fair cash value), that was added to homestead property by any new improvement (e.g., remodeling, adding a new room) or rebuilding after a catastrophic event, and continues for

What is the amount of Cook County homeowners exemption?

Property tax savings for a Homeowner Exemption are calculated by multiplying the Homeowner Exemption amount of $10,000 by your local tax rate. Property tax savings for a Senior Exemption are calculated by multiplying the Senior Exemption amount of $8,000 by your local tax rate.

How do I get senior exemption from Cook County property taxes?

Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1957 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.

How much is the senior exemption for Cook County property tax?

The Senior Exemption reduces the Equalized Assessed Value (EAV) of a property by $8,000. EAV is the partial value of a property used to calculate tax bills.Frequently Asked Questions. $100,0002022 Estimated Fair Market Value-$8,0002022 Senior Exemption$21,1602022 Adjusted Equalized Assessed Value6 more rows

How do I qualify for homeowners exemption in Cook County?

Eligibility Either own or have a lease or contract which makes you responsible for the real estate taxes of the residential property. Occupy the property as your principal place of residence on January 1, 2022.

How do I get senior discount on property taxes in Illinois?

This program allows persons 65 years of age and older, who have a total household income for the year of no greater than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments (up to a maximum of $7,500) on their principal residences.

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What is IL Disabled Veterans Standard Homeowner Exemption?

The IL Disabled Veterans Standard Homeowner Exemption is a property tax exemption designed to reduce the amount of property taxes that disabled veterans are required to pay on their primary residence.

Who is required to file IL Disabled Veterans Standard Homeowner Exemption?

Disabled veterans who meet certain criteria, including having a permanent disability rating from the U.S. Department of Veterans Affairs, are required to file for the IL Disabled Veterans Standard Homeowner Exemption to benefit from the tax reduction.

How to fill out IL Disabled Veterans Standard Homeowner Exemption?

To fill out the IL Disabled Veterans Standard Homeowner Exemption, veterans must complete the appropriate application form provided by their local assessment office, provide necessary documentation of their disability, and submit the form during the application period.

What is the purpose of IL Disabled Veterans Standard Homeowner Exemption?

The purpose of the IL Disabled Veterans Standard Homeowner Exemption is to provide financial relief to disabled veterans by reducing their property tax burden, thereby helping them maintain homeownership.

What information must be reported on IL Disabled Veterans Standard Homeowner Exemption?

The information that must be reported includes the veteran's name, address, disability rating, proof of service, and any other relevant documentation required by the local assessment office.