Other Ways You Can Reduce Your Lake County Property Tax Burden

Written by Ron Kingsley 

LCA Tax Attorney and Owner 

If Lake County Appeal can reduce your Lake County property’s assessed value, your property tax burden will decrease. Additionally, there are many exemptions available to taxpayers that can reduce the burden even more. Make certain that you are receiving all of those you are entitled to! The value of the exemption is the exemption amount multiplied by your tax rate, which is on your tax bill. 

General Homestead Exemption: 

Lowers your principal residence’s assessed value (“AV”) by $8,000 (increased from $6,000); 

Homestead Exemption Recapture:

Please be aware that the Chief County Assessment Office has the ability to recapture taxable value in instances where homestead benefits were received in error; 

Homestead Exemption for Persons with Disabilities:

Lowers your principal residence’s AV by an additional $2,000; 

Senior Homestead Exemption: 

If 65 or older, lowers your principal residence’s AV by an additional $8,000 (increased from $5,000); 

Senior Citizen’s Assessment Freeze:

If 65 or older and household income is $65,000 or less, freezes your principal residence’s AV. This exemption must be applied for yearly; 

Senior Citizen Tax Deferral Program: 

If 65 or older and household income is $65,000 or less, defers up to $7,500 of yearly property taxes until the sale of home, 3% interest rate on loan. There are many qualification rules for this exemption; 

Home Improvement Exemption: 

Defers up to $25,000 AV for 4 years; 

Current Military Exemption

Military personnel on active duty out-of-state or overseas for extended periods that include the due date for real-estate taxes are eligible to defer payment of their taxes;

Disabled Veteran's Exemption:

Lower’s your principal residence’s AV by up to $100,000 and is also available to a spouse or an unmarried surviving spouse; 

Returning Veterans Exemption: 

Lowers the AV of your principal residence by $5,000 for two consecutive assessment years, which include the current and following year after returning from active duty in an armed conflict involving the armed forces of the United States; 

Standard Homestead Exemption for Veterans with Disabilities:

Exemption ranges from a $2,500 AV reduction for 30-50% service-connected disability to a 100% exemption for 70% or higher service-connected disability. 100% exemption only if AV is less than $250,000;

Natural Disaster: 

Exemption for any homestead property with a rebuilt structure following a natural disaster; 

Non-Homestead Exemption:

For properties of religious, charitable, and educational organizations; and

Benefit Access Program:

Transit and license plates discounts for qualified seniors and the disabled. 

For more information on any of the above exemptions or how to apply, please go to https://www.lakecountyil.gov/201/Tax-Relief or call the Lake County Assessor at (847) 377-2050 or email assessor@lakecountyil.gov.