Exemptions
Homestead Exemptions reduce the taxable value of a property by a specific amount prior to taxes being calculated; the actual tax savings depends upon the tax rate for a specific property. They are typically available for properties that are occupied by their owners or persons with legal or equitable interest as of January 1 of the taxable year.
Example of the Impact of Exemptions
Each exemption reduces the tax burden of a qualifying property by reducing its taxable value. In Kane County, tax rates generally range from about 6.50% to 11.25%, with a median rate of 9.00%; they can be higher in special-service areas.
In the following example, a senior citizen homeowner lives in a house with a fair cash value of $225,000; the homeowner is living off savings, and has an income that qualifies for the senior freeze with a base-year EAV of $56,657. The benefits of the available homestead exemptions, based on a property tax rate of 9.0%, are:
Property Value
| $225,000
|
| $225,000
|
Level of Assessment
| 33.33%
| | 33.33%
|
Equalized Assessed Value
| $74,993
| | $74,993
|
Exemptions
|
| | |
General
|
| | ($8,000)
|
Senior Citizen
| | | ($8,000)
|
Senior Freeze ($56,657 base year)
|
| | ($18,336)
|
Net Valuation
| $74,993
| | $40,657
|
Estimated Tax Rate
| X 9.00%
| | X 9.00%
|
Tax Dollars Due
| $6,749
| | $3,659
|
Total Tax Savings from exemptions: $3,090 (46%)
|
Click on an exemption below for more information:
