Form Ptax-327 - Application For The Natural Disaster Homestead Exemption Page 2
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5Memorandum to taxpayers affected by the April 2013 flooding
April 23, 2013
Page 2 of 2
Natural Disaster Homestead Exemption
If a residential structure occupied by its owner is rebuilt following the flooding, it may qualify
for the Natural Disaster Homestead Exemption. This exemption was enacted by the General
Assembly in 2012, and is available this year for the first time. To be eligible for the exemption,
the residential structure must:
• Be rebuilt within two years; and
• Have a square footage of no more than 110% of the prior structure.
The amount of the exemption is the equalized assessed value of the structure (not including
land) in the first taxable year for which the taxpayer applies for the exemption minus equalized
assessed value of the structure in the year prior to the natural disaster. The taxpayer’s initial
application for an exemption under this Section must be made no later than the first taxable
year after the residential structure is rebuilt, and the exemption shall continue at the same
annual amount until the taxable year in which the property is sold or transferred to a new
owner.
* * * *
Application forms for each of these programs are attached to this memorandum; questions on
the disaster area reassessment process may be directed to the Kane County Assessment Office
at (630) 208-3818.
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