Senior Freeze Exemption

What is a Senior Freeze Exemption?

The Senior Freeze Exemption allows qualified senior citizens to apply for a freeze of the equalized assessed value (EAV) of their properties for the year preceding the year in which they first apply and qualify for this exemption. For example, a senior citizen who qualifies and applies for this exemption in taxable year 2015 will have the EAV of the property frozen at the 2014 EAV.

Those who qualify and receive this exemption should be aware that this does not automatically freeze the amount of their tax bill. Only the EAV remains at the fixed amount. The amount of dollars that the taxing districts asks for (levy) may change and thus alter a tax bill.

Who qualifies for a Senior Freeze Exemption?

To qualify for the taxable year 2015, you must meet all of these requirements:

  • Be born prior to or in the year 1950,
  • Have a total gross household income of no more than $55,000 for 2014,
  • Own the property, or have a legal, equitable or leasehold interest in the property on January 1, 2014 and January 1, 2015,
  • Be liable for the payment of 2014 and 2015 property taxes, and
  • Use the property as a principal place of residence on January 1, 2014 and January 1, 2015.

When do I apply for a Senior Freeze Exemption?

Those who are currently receiving the Senior Citizen Exemption will automatically receive an application form for the Senior Freeze Exemption.

You must file each year in order to continue to receive the Senior Freeze Exemption and the requirements must be met each year.

Are there other options available to seniors?

  • Senior Citizen Real Estate
  • Tax Deferral Program
  • Cook County Treasurer's Office 312/443-5100
  • Circuit Breaker Program
  • Illinois Department of Revenue 800/624-2459

 

 

 

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