OTHER PROPERTY TAX EXEMPTIONS

Homestead Limited Exemption

This exemption lowers the equalized value of the property by $6,000. An owner of record who lives in the home as a primary residence is entitled to this exemption. Look for it on your tax bill.

Homestead Improvement Exemption

If an improvement or addition is made to the home, the assessment increase due to the alteration is kept off the tax rolls for four years. There is a maximum of $25,000 of assessed value ($75,000 of market value) which can be kept off the tax rolls for that period.

Returning veterans, Disabled and Veterans Exemptions

For details, consult the Chief County Assessment Officer links.

New Property Owner

If you purchased your home within the past year, call us to discuss exemptions you may be eligible for or if the Township’s value is higher than your purchase price.

Commercial Property Vacancies

If you have a vacant commercial property, a vacancy reduction on the property is not automatically granted. Supporting data is required for a vacancy reduction to be considered. Call us or click https://www.lakecountyil.gov/DocumentCenter/View/40241/2021-Board-of-Review-Vacancy-Affadavit for a copy of the Township’s vacancy guidelines and vacancy affidavit.