35 ILCS 200/15-180
- If an existing primary residence which is used exclusively for residential purposes experiences an assessment increase resulting from a physical change made to the property, such a new addition or improvement, the amount of assessed value directly related to this change may be deducted from the total taxable assessed value of the property, for a period of four years.
- The maximum deduction is $25,000 of assessed value.
- If the Township Assessor increases the assessed value on an eligible property as the result of a physical change to the home, the Assessor will automatically initiate the exemption on behalf of the taxpayer.
- Upon approval of the exemption by the Board of Review, the taxpayer will receive a written change of assessment notice verifying the granting of the exemption.
- If you have any questions regarding this process, please contact your Township Assessor.
- The exemption will automatically be renewed during the three year period following the initial granting of the exemption.
- Upon the fifth year after the initial granting of the exemption, the taxable assessed will revert to a normal value.
- During the four year period the exemption is in place, the assessed value associated with the physical improvement to the home, up to a maximum of $25,000 of assessed value, is deducted from the taxable assessed value.
- The typical tax savings for those receiving the maximum exemption amount was about $1,900.