Following is a list of exemptions which effectively reduce the tax burden for qualifying homeowners. For more information or to apply for any of these exemptions, contact the Boone County Assessment Office at 815-544-2958.
General Homestead Exemption (GHE)
Sometimes referred to as the owner-occupied exemption, this annual exemption is available for residential property that is occupied as the principal dwelling place of the owner, or a lessee with a legal or equitable interest in the property with a single-family residence, who is liable for the payment of the property taxes on the leased property. The amount of this exemption is $6,000. The General Homestead Exemption requires an initial application to be filed with the Boone County Assessment Office. For more information, contact the Boone County Assessment Office.
Senior Citizens Homestead Exemption
This annual exemption is available for residential property that is occupied as the principal residence of a person, who is 65 years of age or older during the assessment year. The person must be the owner or a lessee with an ownership interest in the property with a single-family residence, who is be liable for the payment of the property taxes. The amount of this exemption is $5,000. To apply for this exemption, contact the Boone County Assessment Office.
Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE)
This exemption allows senior citizens who have a total household maximum income of less than $65,000, and meet certain other qualifications to elect to maintain the equalized assessed value (EAV) of their homes at the base year EAV and prevent any increase in that value due to inflation. The amount of the exemption benefit is determined each year based on (1) the property’s current EAV minus the frozen base year value (the property’s prior year’s EAV for which the applicant first qualifies for the exemption), and (2) the applicant’s total household maximum income limitation. Each year applicants must file Form PTAX-340, Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit, with the Boone County Assessment Office.
Disabled Persons’ Homestead Exemption
Public Act 95-644 that passed into law in 2007 created a new homestead exemption for disabled persons. This exemption is an annual $2,000 reduction in EAV of the primary residence that is owned and occupied by a disabled person who is liable for the payment of property taxes. Initial application Form PTAX‑343 Application for Disabled Persons’ Homestead Exemption along with the required proof of disability must be filed with the Boone County Assessment Office. The exemption, must be renewed each year by filing the Form PTAX-343-R, Annual Verification of Eligibility for Disabled Persons’ Homestead Exemption, with the Boone County Assessment Office. For a single tax year, the property cannot receive this exemption and the Disabled Veterans’ Homestead Exemption or Disabled Veterans’ Standard Homestead Exemption.
Disabled Veterans’ Homestead Exemption
This exemption may be up to $70,000 of the assessed value for certain types of housing owned and used by a disabled veteran or his or her unmarried surviving spouse. The Illinois Department of Veterans’ Affairs determines the eligibility for this exemption, which must be reestablished annually. This exemption is also available on a mobile home owned and used exclusively by a disabled veteran or their spouse. For a single tax year, the property cannot receive this exemption and the Disabled Persons’ Homestead Exemption or Disabled Veterans’ Standard Homestead Exemption.
Disabled Veterans’ Standard Homestead Exemption
Public Act 95-644 that passed into law in 2007 created a new homestead exemption for disabled veterans. This exemption is an annual reduction in EAV on the primary residence occupied by a qualified disabled veteran. The disabled veteran must own or lease a single family residence and be liable for the payment of property taxes. The amount of the exemption depends on the percentage of the service-connected disability as certified by the U. S. Dept. of Veterans’ Affairs. A disabled veteran with a disability of at least 50%, but less than 75% will receive a $2,500 reduction in EAV. A disabled veteran with a disability of at least 75% will receive a $5,000 reduction in EAV. Initial application Form PTAX-342 Application for Disabled Veterans’ Standard Homestead Exemption must be filed with the chief county assessment office. The Form PTAX-342-R, Annual Verification of Eligibility for Disabled Veterans’ Standard Homestead Exemption must be filed each year to continue to receive the exemption. For a single tax year, the property cannot receive this exemption and the Disabled Persons’ Homestead Exemption or Disabled Veterans’ Homestead Exemption. For more information contact the Boone County Assessment Office.
Homestead Improvement Exemption
This exemption is limited to the fair cash value that was added to the homestead property by a new improvement, or the difference in an increase in assessed value between the prior structure and a rebuilt residential structure following a catastrophic event, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied. Contact the Boone County Assessment Office for more information.
Returning Veterans’ Homestead Exemption
Public Act 95-644 that passed into law in 2007 created a new homestead exemption for returning veterans beginning with the 2007 tax year (property taxes paid in 2008). This exemption is a one-time $5,000 reduction in EAV on the principal residence of a veteran upon returning from active duty in an armed conflict involving the armed forces of the United States. Although the exemption is only for a single year, a qualifying veteran can receive the exemption for another tax year in which he or she returns from active duty. Applicants must file Form PTAX‑341, Application for Returning Veterans’ Homestead Exemption, with the Boone County Assessment Office.
Senior Citizens Real Estate Tax Deferral Program
This program allows persons 65 years of age and older, who have a total household income of less than $50,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences. The deferral is similar to a loan against the property’s market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property. To apply for real estate tax deferrals, Forms PTAX-1017-TD, Application for Deferral of Real Estate Taxes, and PTAX-1018-TD, Real Estate Tax Deferral and Recovery Agreement, must be completed. Contact the Boone County Treasurers Office to receive the necessary forms, or further information on the program.
