General Homestead Exemptions
There are a variety of Exemptions that taxpayers may qualify for. Below are some of the most common ones yet a complete list and additional information can be found on the Will County Supervisor of Assessments website at Exemptions (willcountysoa.com)
General Homestead Exemption
This exemption is administered and applied by your local Township Assessor. If you are not receiving this exemption, please contact us.
Homestead property is entitled to an annual homestead exemption. “Homestead property” under this Section includes residential property that is occupied by its owner or owners as his or their principal dwelling place, or that is a leasehold interest on which a single-family residence by a person who has ownership interest therein or as a lessee, and on which the person is liable for the payment of property taxes.
Where a married person maintains and reside in separate residences qualifying as homestead property, each residence shall receive 50% of the total reduction in equalized assessed valuation provided by this Section. In counties with fewer than 3,000,000 inhabitants, in the event of a sale of homestead property the homestead property the homestead exemption shall remain in effect for the remainder of the assessment year of the sale.
The assessor or chief county assessment officer may require the new owner of the property to apply for the homestead exemption for the following assessment year.
The maximum reduction shall be $5,000 in counties with less than 3,000,000 inhabitants for 2007, $5,500 for 2008, and $6,000 for 2009 and thereafter.
Homestead Improvement Exemption
If you qualify for this exemption, your local Assessor files the appropriate paperwork with our office.
The Homestead Improvement Exemption is an exemption that allows for new improvements to existing structures on homestead property or the rebuilding of residential structures following a catastrophic event.
The exemption is limited to a maximum of $75,000 per year in fair cash value and continues for four years from the date the improvement or rebuilding is completed and occupied, not the date you file this application. You may have more than one homestead improvement exemption on the same property.
However, you cannot receive a homestead improvement exemption for any other property in Illinois for the same assessment year and the total exemption cannot be more than $75,000 per year.
Any repair work performed to prolong or maintain the condition of an existing structure does not qualify for this exemption.
Contact your local Township Assessor for more details and any questions you may have.
Will County Supervisor of Assessments Office