IL PTAX-340 2020 free printable template

Note You must sign your Form PTAX-340 and have it notarized before you file it with your CCAO. Return your completed Form PTAX-340 to your CCAO s office or mail it to the address printed. When must I file File Form PTAX-340 with the CCAO by the due date printed on the bottom of Page 2. You must file Form PTAX-340 every year and meet the qualifications for that year to continue to receive the exemption. Note The CCAO may require additional documentation i.e. birth certificates tax returns to...

How to fill out ptax 340

How to fill out IL PTAX-340

1. Obtain the IL PTAX-340 form from the Illinois Department of Revenue website or your local assessor's office.
2. Enter your name and address in the designated fields at the top of the form.
3. Provide the property identification number (PIN) for the property you are claiming the exemption on.
4. Specify the type of exemption you are applying for, such as General Homestead Exemption or Senior Citizens Homestead Exemption.
5. Indicate the dates for which the exemption applies, typically the tax year.
6. Complete any required sections regarding your eligibility, such as income limits or ownership status.
7. Attach any required documentation, such as proof of age for seniors or income statements if applicable.
8. Review the entire form carefully for accuracy and completeness.
9. Sign and date the form.
10. Submit the completed form to your local assessor's office by the specified deadline.

Who needs IL PTAX-340?

1. Property owners in Illinois who are seeking to claim exemptions on their property taxes, including homeowners, seniors, and disabled individuals.

People Also Ask about

What is Ptax 340 in Madison County IL?

Click Here for Form 2023 (PTAX-340) This exemption allows senior citizens who have a total household maximum income of less than $65,000 and meet certain other qualifications to elect to maintain the EAV of their homes at the base year EAV and prevent any increase in that value due to inflation.

What is the Illinois senior freeze exemption?

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2021 calendar year. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.

At what age do seniors stop paying property taxes in Illinois?

Senior Citizens Real Estate Tax Deferral Program allows persons 65 years of age and older, who have a total household income of less than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences.

How much is the Illinois homeowner exemption?

The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.

Is there a tax break for homeowners in Illinois?

What is the Illinois Property Tax Credit? The Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence. You must own and reside in your residence in order to take this credit.

What is the home improvement exemption in Illinois?

The Home Improvement Exemption allows a homeowner to add improvements to their home that add to its value (for example, by increasing the building's square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years. No application is required.

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What is IL PTAX-340?

IL PTAX-340 is a form used in Illinois for reporting property tax exemptions for specific property uses, such as charitable, religious, or educational purposes.

Who is required to file IL PTAX-340?

Organizations that own property in Illinois and claim property tax exemptions under specific categories are required to file IL PTAX-340.

How to fill out IL PTAX-340?

To fill out IL PTAX-340, applicants must provide details such as the organization's name, address, and the specific property for which the exemption is sought, along with the relevant supporting documentation.

What is the purpose of IL PTAX-340?

The purpose of IL PTAX-340 is to formally request property tax exemptions and to provide necessary information to the local assessor's office for review.

What information must be reported on IL PTAX-340?

IL PTAX-340 requires information including the property identification number (PIN), description of the property, the nature of the organization's exempt purpose, and supporting documentation verifying the exemption eligibility.