Homestead Exemptions lower the property tax amount you would pay!
You can apply for more than one type if you are eligible.
Which Exemptions do you qualify for?
General Homestead Exemption Requirements
Own the property, and occupy as your permanent residence as of January 1st of the assessment year.
Exemption Savings
Exemption Amount – a $8,000 reduction in the Equalized Assessed Value of the property.
Savings around $640 in real dollar savings based on example 8% tax rate for illustration purposes.
Documents That May Be Required
Current Valid Drivers license. Address must match the property address.
Trust Agreement (Only needed if property is in a Trust)
How to Apply
Homeowner initiates this with The Township Assessor's Office if it's not already listed on your property tax bill.
If you are not receiving it, contact the Richmond Township Assessor at 815.678.2014
Senior Homestead Exemption Requirements
Have owned and lived on the property during the tax year as their principal residence.
Reached age 65 during the tax year. (If you turn 65 in a given year, you can apply anytime during the year)
Exemption Savings
Exemption Amount – a $8,000 reduction in the Equalized Assessed Value of the property.
Savings around $640 in real dollar savings based on example 8% tax rate for illustration purposes.
Documents That May Be Required
Current Valid Drivers license or State ID. Address must match the property address.
Trust Agreement (Only needed if property is in a Trust)
How To Apply
Print out the application & fill it out.
Follow instructions on the application and send it to McHenry County via mail or e-mail.
Application Deadlines
Application should be filed with McHenry County Assessment Office by the owner by November 30th of the assessment year.
After initial approval, this exemption will be renewed automatically each year by the county.
Senior Freeze Exemption Requirements
Total household income of no more than $65,000
Have fulfilled a property residency requirement as explained on the application form.
Owned and used the property as your principal place of residence the past two January 1st. Ex. Jan 1,2023, and Jan 1, 2024
Be age 65 or older.
Exemption Savings
The Senior Freeze provides seniors with limited income protection against real estate tax increases due to rising property values. It is not a tax freeze or a tax reduction and does not protect against increased taxes due to tax rate increases.
Because this exemption provides for a base year frozen assessment, it will potentially provide increased savings each year a senior is eligible. The base assessment used in the Senior Citizens Assessment Freeze Homestead Exemption initially equals the assessed value from the prior year tax calculation. In subsequent years, if the new assessed value is lower than the original base value, the new lower value becomes the new base amount.
This exemption freezes the assessment on your property, but does not freeze the tax rate.
Documents That May Be Required
Current Valid Drivers license or State ID. Address must match the property address.
Trust Agreement (Only needed if property is in a Trust)
Household income
Please include copy of pgs. 1, 2 & schedule 1 (if you file one) of your Federal IRS Form 1040 for you, and all other individuals living in your home.
If you are not required to file a tax return, include a copy of your SSA-1099 & all other 1099 income forms for all the people living in your home.
How To Apply
Print out the application & fill it out form PTAX-340.
Follow instructions on the application and send it to McHenry County
> PTAX-340 Senior Freeze Form (PDF)
Instructions on filling out the form
> Senior Freeze Instructions (PDF)
Application Deadline
Application should be filed with McHenry County Assessment Office by the owner by July 1st
Exemption must be renewed annually!
Disabled Persons Homestead Exemption Requirements
Own the property, and occupy as your permanent residence as of January 1st
Be disabled under the Federal Social Security Act and supply either:
A copy of your Illinois Disabled Person Identification Card stating that you are under a Class "2", "2A" or "20" disability; or
Proof of Social Security Administration Social Security Benefits. This proof includes an award letter, verification letter, or annual cost of living adjustment (COLA) - This paperwork must be issued in the tax year for which you are applying. Whichever you supply, it must indicate that the benefits are for disability; or
Proof of Veterans Administration disability benefits which would be an award letter showing total 100% disability; or
Proof of Railroad or Civil Service disability benefits which would be an award letter showing a total 100% disability; or
Form HEPD 343-A, Physicians Statement for Disabled Person Homestead Exemption
Exemption Savings
Exemption Amount – a $2,000 reduction in the Equalized Assessed Value of the property.
Savings around $160 in real dollar savings based on example 8% tax rate for illustration purposes.
Documents That May Be Required
Current Valid Drivers license or State ID. Address must match the property address.
Trust Agreement (Only needed if property is in a Trust)
Disabled ID Card stating Class 2 or 2A or 20 disability
or
PTAX-343-A Physicians Statement Form (PDF)
or
Social Security Administration Benefits it must indicate that the benefits are for disability
How To Apply
Print out the application & fill it out.
Follow instructions on the application and send it to McHenry County via mail or e-mail.
Application Deadlines
Application should be filed with McHenry County Assessment Office by the owner by July 1st
Exemption must be renewed annually!
Disabled Veterans Homestead Exemption Requirements
Own the property, and occupy as your permanent residence as of January 1st
Have at least a 30% service-connected disability certified by the U.S Department of Veterans' Affairs
Have a total equalized assessed value (EAV) of less than $250,000.
An un-remarried surviving spouse of a disabled veteran can continue to receive this exemption on his or her spouse's homestead property or transfer the exemption to a new primary residence.
Exemption Savings
A disabled veteran with a 70% or higher service-connected disability will be tax exempt.
A disabled veteran with at least 50%, but less than 70% service-connected disability will receive a $5,000 reduction in the property's EAV.
Savings around $400 in real dollar savings based on example 8% tax rate for illustration purposes.
A disabled veteran with at least 30%, but less than 50% service-connected disability will receive a $2,500 reduction in property's EAV.
Savings around $200 in real dollar savings based on example 8% tax rate for illustration purposes.
Documents That May Be Required
Current Valid Drivers license or State ID. Address must match the property address.
Trust Agreement (Only needed if property is in a Trust)
Form DD 214 Discharge Papers
Annual letter from the Veteran's Affair stating percentage of disability
How To Apply
Print out the application & fill it out.
Follow instructions on the application and send it to McHenry County via mail or e-mail.
Application Deadlines
Application should be filed with McHenry County Assessment Office by the owner by July 1st
Exemption must be renewed annually.