Fillable Form Ptax-323 - Application For Homestead Improvement Exemption (Page 2 of 2) in pdf

PTAX-323 General Information

What is the Homestead Improvement Exemption?

What if my property is damaged or destroyed as a

result of a catastrophic event?

The homestead improvement exemption is an exemption allowed for

new improvements to existing structures on homestead property or the

If your property is damaged or destroyed as a result of a catastrophic

rebuilding of residential structures following a catastrophic event. The

event, you may qualify for a homestead improvement exemption if the

exemption is limited to a maximum of $75,000 per year in fair cash value

residential structure is rebuilt within two years of the catastrophic event.

and continues for four years from the date the improvement or rebuilding

A catastrophic event includes the occurrence of widespread or severe

is completed and occupied, not the date you file this application.

damage or loss of property resulting from any catastrophic cause,

Note: You may have more than one homestead improvement

including fire, arson (provided the fire was not caused by the willful

exemption on the same property. However, you cannot receive a

action of an owner or resident of the property), flood, earthquake,

homestead improvement exemption for any other property in Illinois

wind, storm, explosion, or extended periods of severe inclement

for the same assessment year and the total exemption cannot be

weather. However, a residential structure affected by flooding is not

more than $75,000 per year.

eligible for the homestead improvement exemption unless it is located

What is homestead property?

within a local jurisdiction that is participating in the National Flood

Insurance Program.

Homestead property includes any residential property occupied as

the principal dwelling place (single-family residence, duplex, condo-

The homestead improvement exemption applies only to the increase

minium, and townhome) by the owner and any appurtenant struc-

in value of the rebuilt structure over the value of the structure before

tures on the property used solely for residential purposes.

the catastrophic event.

What types of improvements qualify for the

When should I file?

homestead improvement exemption?

You may file for a homestead improvement exemption once the

An improvement qualifies if it increases the assessed valuation of

improvement or rebuilding is completed and occupied. File this

homestead property and either

Form PTAX-323 with the local assessing official at the address shown

•

below.

increases the square footage of any existing structure assessed

as real property, such as new room additions and attached

Note: You may be required to provide additional documentation to

garages, balconies, decks, patios, and porches; or

verify the information on this application.

•

adds any permanent appurtenant structure used solely for

What if I need additional assistance?

residential purposes, such as detached garages, gazebos, and

storage sheds, and in-ground swimming pools; or

If you need additional assistance, please contact the local assessing

•

materially alters the existing character and condition of any

official at the address shown below.

existing structure, such as installing central air conditioning,

replacing asbestos siding with wood clapboards, upgrading

asphalt shingles with slate or tiles, and converting unfinished

space into finished living area.

Any repair work performed to prolong or maintain the condition of an

existing improvement does not qualify for this exemption.

If you have any questions, please call:

Mail your completed Form PTAX-323 to:

(_____)__________________________

_____________________________________________________

Local assessing official

_____________________________________________________

County

_____________________________________________________

Mailing address

___________________________________________IL________

City

ZIP

Official use. Do not write in this space.

___ ___/___ ___/___ ___ ___ ___

Date received

Assessed value before new improvement or rebuilding

Month

Day

Year

$_______________________

Year ____ ____ ____ ____

Approved

Assessed value after new improvement or rebuilding completed

Denied

$_______________________

Year ____ ____ ____ ____

Reason for denial:_____________________________________

________________________________________________________

Proposed increase in assessed value that is attributable solely to the

________________________________________________________

new improvement or rebuilding.

________________________________________________________

$_______________________

Year ____ ____ ____ ____

________________________________________________________

Years eligible

Assessed value of exemption

________________________________________________________

____ ____ ____ ____

$______________________

________________________________________________________

____ ____ ____ ____

$______________________

________________________________________________________

____ ____ ____ ____

$______________________

____ ____ ____ ____

$______________________

______________________________________________/____/____

Assessing officer signature

Date

Note: Maximum increases from $45,000 to $75,000 on January 1, 2004.

PTAX-323 Back (R-10/04)

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Form Ptax-323 - Application For Homestead Improvement Exemption Page 2

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