For the past couple of months, people in McHenry County were talking about the 50th anniversary of the moon landing probably as much as they were talking about Valley Hi and the Homestead Exemption. For the moon landing, we remembered where we were on July 20, 1969. For the Homestead Exemption tied to surplus funds of the Valley Hi Nursing Home, we probably canât get quite as excited, though getting a rebate check for $100 to $200 dollars is pretty good.
More than 50,000 homeowners in McHenry County have applied for a rebate in the form of a check in early October. These are the taxpayers that met the July 31 deadline to apply for the Valley Hi Nursing home fund surplus, though some of the taxpayers did not meet the requirements necessary to receive a check.
During the two month countdown to July 31, McHenry County Board Chairman Jack Franks of Marengo encouraged taxpayers to apply for the rebate before the window closed forever. Franks was amazed at the response. As part of the eligibility requirements, a taxpayer had to have a homestead exemption. What made the whole exercise of determining eligibility was that the General Homestead Exemption opened up an area of benefits that are not well known but can truly benefit property taxpayers. On the website for the County of McHenry, Office of Assessments, www.mchenrycountyil.gov, youâll find descriptions of not only the General Homestead Exemption, but nine others including the Senior Citizenâs Homestead Exemption, Home Improvement Exemption, and Disabled Veteransâ Exemption.
Inside the County Assessments Office in Woodstock, Chief County Assessment Officer Bob Ross and Chief Deputy Assessor Carol Saunders welcomed an opportunity to discuss some of the key exemptions that affect not only taxpayers looking to receive a rebate from the Valley Hi funds but that benefit seniors and disabled veterans.
âMost people have the Homestead Exemption. You are allowed one exemption on a principal residence but that starts the chain reaction for the other home exemptions eligibility,â Ross said.
What would take away from your eligibility is if you moved to a second home and the second home became your principal residence. If you took the Homestead Exemption there, you would not be entitled to the Homestead Exemption in Illinois. Contact your local township assessor or the Office of Assessments at the Administration Building in Woodstock if you are not receiving the General Homestead Exemption and you believe you should. According to the list of the property exemptions available in 2019 to McHenry County taxpayers, the General Homestead Exemption reduction in assessed value is up to $6,000 available. The Senior Citizenâs Homestead Exemption is a $5,000 reduction in the assessed value of property, according to the current property exemptions list.
âThe Senior Citizens Homestead Exemption follows the annual Homestead Exemption. You have to be living in your home and be at least 65-years-old,â Saunders said. The Office of Assessments can see in the tax system who is getting exemptions.
âIf we see someone who is taking the Senior Citizen Homestead Exemption, we may ask if their income is over $65,000. If itâs under, we may suggest they apply for the Senior Citizen Assessment Freeze Homestead Exemption,â Ross said. Specifics of the freeze can be discussed with the Office of Assessments. Saunders noted that some seniors seem to be afraid of the freeze form, thinking they may have to pay money back. âItâs just freezing your assessed value,â Saunders said.
The latest exemption is the Disabled Veteransâ Standard Homestead Exemption. Also for veterans are two other exemptions; the Disabled Veteransâ Homestead Exemption and Returning Veteransâ Homestead Exemption are worth examining. From the list of exemptions youâll see that the Returning Veteransâ Homestead Exemption exempts $5,000 from assessed value for two years. The specifics of this exemption are found on the list of property exemptions available in 2019.
The Homestead Exemption for Persons with Disabilities exempts $2,000 yearly from the assessed value of a home that is owned and occupied by a person who has a disability. The specifics of this exemption are quite lengthy.
âPeople can come into our office as our staff is very knowledgeable and has helped a lot of people get signed up,â Saunders said. A few of the exemptions are fairly complicated but the Office of Assessments and your local township assessor can be very helpful.
