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Property Tax Exemptions & Deferments for Lake County, IL Residents

Property Tax Exemptions & Deferments for Lake County

General Homestead & Homestead Improvement Exemptions

Most people who own homes in Lake County, IL are eligible for this exemption. You must have resided in your home since January 1st. The exemption is for $6,000 off your home's assessed value.

The Homestead Improvement Exemption exempts your home from receiving assessment increases for four years after you have made improvements to the property. Up to $25,000 may be deferred, but the house has to be your "principal residence."

Exemptions for Seniors

There are many helpful exemptions for senior residents of Lake County. The Senior Homestead Exemption lowers your home's assessed value by $4,000. You must be at least 65 years old, live in the house as your "primary residence," and fill out an application for exemption at the local Assessment Office. Bring your property deed and identification when you go.

The Senior Citizens Assessment Freeze Homestead Exemption may be used in addition to the Senior Homestead Exemption. You need to fill out an application at the Assessment Office to find out if you can freeze your property's assessment for that year. In order to qualify, you need to earn less than $55,000 a year and live in your Lake County home full time.

The Senior Citizens Tax Deferral Program allows seniors who earn $50,000 or less to defer their property taxes on their principal residences. Applicants must get a loan from the state of Illinois with a 6 percent interest rate. The loan acts as a lien and is repaid upon the homeowner's death or when the home is sold. If you are interested in this program, first check with your mortgage company (if you currently owe money on the house). You must fill out an application each year to maintain the deferment.

Military Exemptions

There are several programs for active duty military personnel or veterans. If you are on active duty out of state, you might be able to defer your property taxes until 180 days after you return to Lake County. Disabled veterans are also eligible for several different deferments and/or exemptions. Call your Assessment Office for more information.

If you would like to find out if you are currently overpaying your property taxes, contact ValueAppeal to see how you can lower your tax bill this year.


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