170 Mill Ave. P.O. Box 493 Hampshire, IL 60140-0493 PH: 847.683.4480 FX: 847-683-0828
Home Improvement Exemption:
What it is:
A four-year exemption on assessment increases that
are due to new construction to your home, up to the statutory maximum
of $25,000 in assessed value.
If you add a deck to your home that increases your assessment
by $2,000, you will fall well under the $25,000 maximum; no portion of
the $2,000 assessment increase will be taxable for four years.
However, if you add an addition that increases your
assessment by $30,000, then you will exceed the $25,000 maximum; in this
case, the first $25,000 of your $30,000 assessment increase will not be
taxable for four years, but the remaining $5,000 will show up on your
tax bill immediately.
Homeowners who own and occupy their home as their principal residence and have made an improvement to their home that increases its market value (thus triggering a corresponding increase in assessment).
How to apply:
You automatically receive your Home Improvement
Exemption if you meet the above qualifications; no application is necessary.