Tax tips

Add comment December 5th, 2007

Tax time is coming and the Illinois Real Estate Lawyers Association sent out a news release to remind homeowners not to forget to file for available exemptions.

The most common is the homeowner’s exemption. If you live in the house you own, it generally lowers the equalized assessed value by $5,000.

Those 65 and older are eligible for a senior citizen exemption, which drops the EAV by $2,000 to $3,500, depending on the county you live in.

Seniors who make less than $45,000 and meet other qualifications may qualify to have their assessment frozen. You have to file a form every year for this one.

The last one interests me. Homeowners who make improvements on their home may qualify them from having their home being assessed for four years on the first $45,000 in improvements. Again, I’m spending about $40,000 to repair damage from the August 7 flood. Some of it is basic repair, some of it is improving the furnace, putting in a new door and a new ceramic tile floor rather than carpet — to protect against the inevitable next flood.

If you are unsure whether you qualify for any of these exemptions, the IRELA offfers a free lawyer locator service on its site at www.irela.org. If you don’t have access to a computer you can call 847-593-5750.