If Lake County Appeal (“LCA”) 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 liability 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 principle residence’s assessed value (“AV”) by $6,000.Note that the County Assessment Office has authority to recapture taxable value in instances where property owners have received homestead benefits erroneously, such as if the property is not the taxpayer’s principal residence.
- Homestead exemption for the disabled: Lowers your principle residence’s AV by an additional $2,000.
- Senior exemption: If 65 or older, lowers your principle residence’s AV by $5,000 more.
- Senior freeze: If 65 or older and household income is $65,000 or less, freezes your principle residence’s AV.
- Senior tax deferral program: If 65 or older and household income is $55,000 or less, defers part or all your property taxes until the sale of home, 6% interest rate on loan.
- Home improvement exemption: Defers up to $25,000 AV for up to 4 years.
- Disabled veteran exemption: Lower’s your principle residence’s AV by up to an additional $100,000 and is also available to a spouse or an unmarried surviving spouse.
- Returning veteran exemption: Lowers the AV of your principal residence by $5,000 for the current and following year after returning from active duty.
- Standard 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.
- Natural disaster exemption: Partial exemption for any homestead property with a rebuilt structure following a natural disaster. The exemption continues at the same amount until the taxable year in which the property is sold or transferred.
- Non-homestead exemption: For properties of religious, charitable, and educational organizations.
- Benefit access program: Transit and license plate discounts for qualified seniors and the disabled.
For more information on any of the above exemptions, please email the Lake County Assessor at Assessor@LakeCountyIL.gov .