An "assessment freeze" is a property tax exemption that maintains your assessed value from the previous year. This means upon qualification (see next paragraph for who qualifies) the assessed value of your property on which you are taxed cannot increase. It is VERY important to understand that this, as is the case with ALL exemptions, does not mean your taxes cannot increase. Although the value on which your taxes are calculated is maintained, the tax rate itself may increase which, in turn, increases the amount you are taxed.
This is a property tax exemption that, upon qualification (see next paragraph for who qualifies) will REDUCE the assessed value of your property. Again, it is VERY important to bear in mind that this affects the value ONLY and not necessarily your tax rate or final tax bill.
Who qualifies. Must be owner-occupied property. At least one individual on deed must be 65 years of age within the current tax year. Household income does NOT apply. This is a one-time filing and need not be filed each year.
This is a plan that allows those 65 years of age or older and on fixed incomes, to not pay property taxes annually. Please note that this plan does not exempt them from having to pay property taxes; it simply defers payment. The State of Illinois will actually pay the property taxes due each year. Upon the death of the property owner or sale of the property, the balance of ALL taxes paid by the state must be satisfied out of the property's equity at an interest rate of 6.0 percent.
This is a property tax exemption that applies to room additions, new garages, new out buildings, new decks, new in-ground pools, etc. These type items will not be taxed for four full years.
Who qualifies. Must be owner-occupied property. Must be classified as residential property with the Peoria County Assessor's office. Properties classified as farm may receive this exemption for improvements done to the dwelling only (i.e. outbuildings will not qualify). The exemption is automatically filed by your township assessor.