WayneTwp: Notes from the Assessor

Notes from the Assessor

From the February / March 2017 Senior Center Newsletter:

Senior Exemption
The Senior Citizens Homestead Exemption is available to residents who will be age 65 or older during the assessment year. New applicants should bring proof of age and proof of ownership, such as the deed or title policy for the property. If your property is in trust, please bring copies of both the Deed in Trust and the Trust Agreement. For tax year 2016, this exemption will reduce the assessment by $5,000 before the tax rate is applied.

Senior Freeze Exemption
Applications for the Senior Citizens’ Assessment Freeze Exemption for the 2017 tax bill, payable in 2018, will be available in April. Applications will be mailed to those who qualified for the exemption for 2016, and will be available in my office for new applicants. The application deadline is October 1, 2017.

The Senior Freeze Exemption is available to senior citizens who will be 65 or older during 2017, who owned and occupied the property on January 1, 2016 and January 1, 2017, with a total 2016 household income of $55,000 or less.

To apply, the senior must provide proof of age and ownership (see above) and complete an application itemizing his/her 2016 total household income. For assistance in completing the application, please bring your 2016 S.S.A.-1099 and U.S. 1040 forms, if applicable. As a reminder, this exemption does not freeze the tax bill. The assessed value is frozen at the base year, and the exemption amount increases each year the assessment increases.

Senior Citizens Real Estate Tax Deferral Program
This program allows qualified Senior Citizens to defer their property taxes. The deferred taxes are borrowed against the property’s market value and must be repaid with interest within one year of the sale of the property or the settlement of the estate.

To qualify for the Tax Deferral Program for the 2016 tax bill, payable in 2017, an applicant must be age 65 or older by June 1, 2017, and have a total 2016 household income of $55,000 or less. An applicant must also have owned the property (or another qualifying property) for at least the last three years. The applicant must also have no delinquent property taxes or special assessments, and must provide proof of adequate insurance against fire and casualty loss.

The application deadline for the Senior Citizens Real Estate Tax Deferral is March 1, 2017; however, the Treasurer has requested that applications and documentation be provided to her office by February 20th, in order to comply with the deadline set by Illinois Statute. For more information regarding this program, and for application forms, please call the Treasurer at (630)407-5900.

Reminder to Florida Property Owners
If you own a second home in Florida and are receiving the Senior Citizens and/or Homestead Exemptions on that property, please contact my office to verify that you are not receiving them on your Illinois property, or to request that they be removed. If the Florida taxing authorities discover exemptions on multiple properties, they will remove the Florida exemptions, and seek back taxes for previous years.

Michael E. Musson
Wayne Township Assessor


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