Form Ptax-340 - Senior Citizens Assessment Freezehomestead Exemption Application And Affidavit - 2016 Page 3
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4Form PTAX-340 General Information
What is the Senior Citizens Assessment Freeze
• cash assistance from the Illinois Department of Human Ser-
Homestead Exemption (SCAFHE)?
vices and other governmental cash public assistance
• cash winnings from such sources as raffles and lotteries
The Senior Citizens Assessment Freeze Homestead Exemption
• Civil Service benefits
(35 ILCS 200/15-172) allows you, as a qualified senior citizen, to
• damages awarded in a lawsuit for nonphysical injury or sick-
have your home’s equalized assessed value (EAV) “frozen” at a
ness (for example, age discrimination or injury to reputation)
base year value and prevent or limit any increase due to inflation.
• dividends
The base year generally is the year before the year you first qualify
• farm income
• Illinois Income Tax refund (only if you received Form 1099-G)
and apply for the exemption. For example, if you first qualify and
• interest
apply in 2016, your property’s EAV will be “frozen” at the 2015 EAV.
• interest received on life insurance policies
Freezing your property’s EAV does not mean that your property
• long term care insurance (federally taxable portion only)
taxes will not increase, however. Other factors also affect your
• lump sum Social Security payments
tax bill. For example, your tax bill could increase if the tax rate,
• miscellaneous income, such as from rummage sales, recy-
which is based on the amount of revenues taxing districts re-
cling aluminum, or baby sitting
quest, increases. Your EAV and tax bill may also increase if you
• military retirement pay based on age or length of service
• monthly insurance benefits
add improvements to your home. However, if your home’s EAV
• pension and IRA benefits (federally taxable portion only)
decreases in the future, you will benefit from any reduction.
• Railroad Retirement benefits (including Medicare deductions)
Who is eligible?
• rental income
The senior citizens assessment freeze homestead exemption quali-
• Social Security income (including Medicare deductions)
• Supplemental Security Income (SSI) benefits
fications for the 2016 tax year (for the property taxes you will pay in
• all unemployment compensation
2017), are listed below.
• wages, salaries, and tips from work
• You will be 65 or older during 2016.
• Workers’ Compensation Act income
• Workers’ Occupational Diseases Act income
• Your total household income in 2015 was $55,000 or less.
What is not included in household income?
• On January 1, 2015, and January 1, 2016, you
Some examples of income that are not included in household
—
used the property as your principal place of residence,
income are listed below. (For specific income questions, see
—
owned the property, or had a legal or equitable interest in
Part 3 on Page 4.)
the property as evidenced by a written instrument, or had a
• cash gifts
leasehold interest in the property used as a single-family
• child support payments
residence, and
• COBRA subsidy payments
—
were liable for the payment of property taxes.
• damages awarded in a lawsuit for a physical personal injury or
You do not qualify for this exemption if your property is assessed
sickness
under the mobile home privilege tax.
• Energy Assistance payments
Surviving spouse — Even if you are not 65 or older during 2016,
• federal income tax refunds
• IRA’s “rolled over” into other retirement accounts, unless
you are eligible for this exemption for 2016 (and possibly 2015) if
“rolled over” into a Roth IRA
your spouse died in 2016 and would have met all of the qualifica-
• lump sums from inheritances
tions.
• lump sums from insurance policies
Residents in a health facility —
Even if you did not use the
• money borrowed against a life insurance policy or from any
property as your principal place of residence on January 1, 2016,
financial institution
• reverse mortgage payments
you qualify for this exemption if you are a resident of a facility li-
• spousal impoverishment payments
censed under the Assisted Living and Shared Housing Act, Nurs-
• stipends from Foster Parent and Foster Grandparent programs
ing Home Care Act, ID/DD (intellectually disabled/developmen-
• Veterans’ benefits
tally disabled) Community Care Act, or Specialized Mental Health
What if I have a net operating loss or capital
Rehabilitation Act of 2013 and you meet all other requirements,
have received this exemption previously, and your property is
loss carryover from a previous year?
either unoccupied or is occupied by your spouse.
You cannot include any carryover of net operating loss or capital
Residents of cooperatives —
If you are a resident of a coop-
loss from a previous year. You can include only a net operating
erative apartment building or cooperative life-care facility, you
loss or capital loss that occurred in 2015.
qualify for this exemption if you are liable for the payment of the
Will my information remain confidential?
property taxes on your residence and meet the other eligibility
All information received from your application is confidential and
requirements.
may be used only for official purposes.
What is a household?
When must I file?
A household includes you, your spouse, and all other per-
File Form PTAX-340 with the CCAO by the due date printed on
sons who used your residence as a principal dwelling place on
the bottom of Page 2. You must file Form PTAX-340 every year
January 1, 2016.
and meet the qualifications for that year to continue to receive the
What is included in household income?
exemption.
Household income includes your income, your spouse’s income,
Note: The CCAO may require additional documentation
and the income of all individuals living in the household. Examples
(i.e., birth certificates, tax returns) to verify the information in this
of income that must be included in your household income are
application.
listed below. (For specific questions, see Part 3 on Page 4.)
What if I need additional assistance?
• alimony or maintenance received
• annuities and other pensions
If you have questions about this form, please contact your CCAO,
• Black Lung benefits
also known as the supervisor of assessments, or county assessor,
• business income
at the address and phone number printed at the bottom of Page 2.
• capital gains
PTAX-340 (R-12/15)
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