The general homestead exemption will lower the equalized assessed valuation of your property for taxing purposes. For the 2018 payable 2019 tax bills, the general homestead exemption is $6,000 off your total equalized assessed valuation. The reduced valuation is then calculated by the current tax rate to determine the actual dollar amount. Your individual tax bill will show the dollar amount that was reduced by your exemption(s). Your local assessor is the only one who approves this exemption. A list of parcels to receive this exemption is verified by the township every year, and then forwarded to the Will County Supervisor of Assessments for implementation to your tax bill.
General Homestead Exemption Requirements
The property must be your primary residence
The property must be owner occupied
You are only entitled to one exemption regardless of the number of homes you own
Spouses who maintain separate homes receive 50% of the exemption on each of the 2 homes
If you own more than one home, your primary residence would be the same as stated on your driver’s license and the address you use to file your Federal Income Tax Return.
The other exemption that is also only approved by the township assessor is the home improvement exemption. When the assessed value of your property is increased solely for additional improvements, i.e., room additions, extra garages, in ground pools that were added after the home was initially completed, that increased amount is the exemption. The exemption has a limit of $25,000 assessed value, which equals $75,000 in market value for 4 years from when the improvement was completed. The information for the additional improvement is sent here to our office by way of the building permit you took out to add those improvements. If the additional improvement is not discovered and 4 years have passed, then there is no further exemption.
There are new exemptions for Veterans and for disabled persons; however, those exemptions are approved and maintained at the Will County Supervisor of Assessments Office. Please follow this link for more information: www.willcountysoa.com or you can click on Link to Will County SOA and click on Exemptions.