VA Disability Dependency & Indemnity Compensation Benefits: Exempt
Local municipalities average 2.27% of the property's assessed value.
Calculation of assessed value: Product of market value and equalized value computed by state.
Relief programs for:
Owner-occupied: Increase in assessed value over 1977 assessed value is exempt from taxation. Capped at $6,000 ($10,000 in Cook County)
65 and over: Up to $5,000 ($8,000 in Cook County and in 2023, bordering counties) of assessed value is exempt from taxation.
65 and over Freeze: Freezes assessed value for households with income less than $65,000. Can defer taxes up to $7,500.
Returning Veterans: $5,000 ($8,000 in Cook County) of assessed value exempt from taxation.
Disabled Veterans/Surviving Spouse (not remarried): Up to 100% exemption based on percentage of service-linked disability. Assessed value must be less than $250,000 ($100,000 reduction if specially adapted housing)
Disabled: $2,000 of assessed value exempt from taxation.
Personal Property Tax: No.
Property Tax Comments: Exemptions related to properties impacted by catastrophic events are available. Homestead improvement exemption available.
Inheritance & Estate Taxes: Estates over $4 million are taxed at a maximum rate of 16%. There is no inheritance tax.