Oak Forest Taxpayer Advocate Grace Bardusk wants to ensure Oak Forest residents have the latest news and information regarding property taxes in the south suburbs. Learn more below about a recent addition to the Standard Homestead Exemption for Veterans with Disabilities, a potential tax relief program for homeowners, and the call to amend the senior exemption maximum household income. To voice your support or concerns regarding the circuit breaker program or senior exemption income limitation increase, contact your legislators.
World War II Veterans Exemption
Beginning in tax year 2024, legislation expands the Standard Homestead Exemption for Veterans with Disabilities (SHEVD) exemption to a qualified residence that is used by a veteran who was a member of the United States Armed Forces during World War II regardless of their level of disability rating. You do not need to be disabled to receive this exemption. If the veteran qualifies under the World War II provisions, they do not need to fill out an annual reapplication/renewal form.
The term “World War II” means the period beginning on December 7, 1941, and ending on December 31, 1946. If any of the veteran’s service was performed during this time frame, then the veteran is considered a World War II veteran for purposes of this property tax savings.
Circuit Breaker Program
The Circuit Breaker Property Tax Relief Act was filed in the Illinois Senate by Sen. Patrick Joyce (D-40th) and in the House by Rep. Justin Slaughter (D-27). This program is designed to help homeowners who have seen their tax bills spike by 25% or more from one year to the next. Credits given to homeowners would cover up to half of the tax bill increase.
The need for property tax relief became urgent after homeowners in Cook County’s south and west suburbs saw significant bill increases in the summer of 2024. The typical residential bill increased by nearly 20%, or about $1,000, according to an analysis from the Cook County Treasurer’s Office.
Circuit breaker programs are common across the country – 29 other states, as well as the District of Columbia, already have them on the books. Illinois has previously had a similar program in place for senior citizens.
The relief program would apply to homeowners in the south and west suburbs, as well as all other parts of Cook County, who have seen large bill spikes dating back to 2021. If enacted, homeowners will have to claim a General Homestead exemption, as well as meet an income eligibility limitation, to be able to apply for credits through the program.
Senior Exemption Change
The Illinois General Assembly is considering increasing the income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to $85,000 for taxable year 2025 and shall be subject to a cost-of-living adjustment in subsequent years. Currently, the maximum household income is $65,000.
Please note that the Low-Income Senior Assessment Exemption form for tax year 2024 is due April 21. Forms will be mailed out to residents this week.