An Illinois homeowner who is 68 years old and uses the property as their primary residence wants to apply for the Senior Citizens Homestead Exemption. What is the maximum reduction in assessed value they can receive?
Correct Answer
B) $8,000
The Senior Citizens Homestead Exemption provides a reduction of up to $8,000 in equalized assessed value (EAV) for qualifying homeowners. Eligibility requires the applicant to be age 65 or older during the tax year and to own and occupy the property as their primary residence. There is no income requirement for this exemption — income limits apply only to the separate Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE), which freezes the EAV for seniors with household income at or below $65,000.
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Key Terms:
Related Concepts
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
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