The net effect of the below exemptions is to lower the assessed valuation to which the tax rate is then applied. As explained below, qualifications and application procedures vary for each program. However, you must own the property to qualify for any of these exemptions and be its principle resident.
Homeowners – General Homestead Exemption
Reduction in equalized assessed value up to $6,000. Available for all owner-occupied residences. Owners may only receive this on their main/primary residence. The Township Assessor’s office initiates this exemption. Please be sure to have a copy of your driver’s license ready to be submitted for proof.
Home Improvement Exemption
This exemption defers for four years any increase in the assessment of your property due to an addition or other improvement to your home for which the Township Assessor would add value. A maximum of $25,000 of assessed value may be deferred under this program. The Township Assessor’s office initiates/determines this exemption as it does not require any applications to be filed.
Senior Citizen Homestead
This exemption lowers the equalized assessed value of your property by $ 5,000. This exemption may be claimed in addition to the Homestead Limited Exemption.
To receive this exemption, you must have lived on the property on or before January 1st of the tax year, and have reached age 65 during the tax year of which you are applying to.
You can apply for the exemption at the Supervisor of Assessments office located at the County building.
You will need proof of age, driver’s license or birth certificate, with you when you apply. (If the property is in a trust, a copy of the trust agreement must be attached.)
Senior Citizen Assessment Freeze Exemption
This exemption freezes the assessment on your home, but does not freeze the tax rate. This exemption may be claimed in addition to those described above. The actual taxes you pay may continue to increase based on the amounts levied by the taxing bodies where you reside (school districts, park districts, village/city, township, etc.).
To receive this exemption, it must be your primary residence, you must be age 65 or older and have a maximum household income of $55,000. This household income includes all persons using the property as their principal residence on January 1st of the tax year. Language has been added that the Chief County Assessment Officer may audit any taxpayer claiming the exemption and a statement to that fact must appear on the application
To obtain an application for the exemption, please contact the Supervisor of Assessments Office at 815-334-4290. The filing deadline for the tax year is July 1st. Please also note that this exemption must be renewed annually.
Senior Citizens Real Estate Tax Deferral
This program is designed to allow senior citizens to defer payment of part or all of the property taxes on their homes. This program functions as a loan with an annual interest charge.
Note: The filing deadline for the program is March 1st of the tax year.
For more information contact:
McHenry County Treasurer
2200 North Seminary
Woodstock, Illinois 60098
Regular Disabled Veteran Exemption
Exempts up to $70,000 of assessed value. Disability is such that the Federal Government has authorized payment for purchase or construction of specially adapted housing. Exemption continues with unmarried surviving spouse. Certification is made to Illinois Department of Revenue by US Department of Veterans Affairs. State then certifies to county.
NOTE: An applicant may not claim both this and either the new Disabled person Exemption or the new Disabled Veteran’s Standard Exemption.
For more information, Contact US Department of Veterans Affairs. Local Illinois office is 815/ 338-9292.
Disabled Persons’ Homestead Exemption
This exemption lowers the equalized assessed value of your property by $2,000 starting in tax year 2007, and may be claimed in addition to the Homestead Limited Exemption and the Senior Citizen’s Homestead Exemptions.
Disabled Veterans’ Standard Homestead Exemption
This exemption lowers the equalized assessed value of your property by $2,500 if your disability is service-connected and you are at least 50% disabled, but less than 70% disabled. This exemption lowers the equalized assessed value of your property by $5,000 if your disability is service-connected and you are at least 70% disabled. Note that this exception is limited to residential property with an equalized assessed value of less than $250,000.
Returning Veterans’ Homestead Exemption
Starting in tax year 2010 this exemption lowers the equalized assessed value of your property by $5,000 in the year you return from active duty in armed conflict. It is a two-year exemption.