Home Buying in Quincy>Question Details

Tony, Home Seller in Quincy, IL

We bought a home on 18 acres in 1993. Home burned in 2003. We rebuilt and moved back into the new home in

Asked by Tony, Quincy, IL Thu Jun 18, 2009

2005. Should we be getting a homestead exemption on this home?

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Homestead Improvement Exemption
This exemption is limited to the fair cash value that was added to the homestead property by a new improvement, or the difference in an increase in assessed value between the prior structure and a rebuilt residential structure following a catastrophic event, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied. The Homestead Improvement Exemption may be granted automatically or Form PTAX-323, Application for Homestead Improvement Exemption may be required by the chief county assessment office. In Cook County, an application must be filed with the County Assessor along with a valuation complaint. For information and to apply contact the Cook County Assessor's Office, all other counties contact the Chief County Assessment Office. copied from dept of revenue website: http://www.revenue.state.il.us/LocalGovernment/PropertyTax/t…
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