Everything You Always Wanted To Know About Illinois Property Tax Law

Here is a complete listing of Illinois Property Tax laws, exemptions, and processes for your perusal and archives in .PDF format.

For all of the Woodford County grousing about the potentialities of PTELL, we notice a lack of concern on the part of the various taxing authorities regarding the "elephant in the closet" (from page 25):

"Senior Citizens Homestead Exemption — Your property qualifies for this exemption if

• you are at least 65 years old;
• you own and occupy the property as a residence (or lease and occupy a single-family
residence; and
• you are required to pay the property taxes for the residence.
The maximum amount of the exemption from equalized assessed value is $2,000 ($2,500 in
Cook County.)
Senior Citizens Assessment Freeze Homestead Exemption — You qualify for this exemption if
• you are at least 65 years old;
• your total household income is $40,000 or less; and
• you meet certain other qualifications.
This exemption “freezes” your property’s equalized assessed value the year that you qualify for
the exemption. Your property’s equalized assessed value does not increase as long as you
qualify for the exemption. Your tax bill may still increase if any tax rates are increased or if you
add improvements that increase the value of the property."

Imagine what happens to the assessed valuations in Illinois when the "baby boomers" all start claiming the above exemptions; And you're worried about PTELL? Better get used to belt tightening regardless of PTELL or not. The halcyon days are just about over. Who do you think is going to pick up the slack? The slacker generation? Pensions, benefits, Medicare, and a dwindling property tax base are about to come home to roost and you won't be able to tax your way out of this one. Read Alan Greenspan's new book for clarification. It's simple demographics.