TAX EXEMPTIONS can confuse buyers if they don't understand a little about them. You can look right on the actual MLS listing sheet to see what exemptions are on a specific property. If you look and it says that a senior exemption was taken and you are not a senior, your taxes will be higher. If you are a senior viewing property information and it shows only the homestead exemption taken, your taxes will be lower.
Learn about all the exemptions and what the qualifications are to take them by clicking the link at the bottom of this post which will take you directly to the Lake County assessor's site.
1. GENERAL HOMESTEAD EXEMPTION
This exemption lowers the equalized assessed value of the property by $6,000.
2. HOME IMPROVEMENT EXEMPTION
This exemption defers, for four years, any increase in the assessment of the property due to an addition or other improvements to the home for which the Township Assessor would add value.
3. HOMESTEAD EXEMPTION RECAP
The Chief County Assessment Office has authority to recapture taxable value in instances where property owners have received homestead exemptions erroneously.
4. NATURAL DISASTERS
This exemption is for any homestead property in which there was a rebuilt structure following a natural disaster.
5. NON-HOMESTEAD EXEMPTIONS
Properties of religious, charitable, and educational organizations, as well as units of federal, state, and local governments, are eligible for exemption from property taxes to the extent provided by law.
6. SENIORS - There are multiple ways that a senior can save money on their property taxes
A Senior Homestead Exemption – Lowers the Equalized Assessed Value by $5,000 and may be claimed along with the Homestead Exemption.
Senior Citizens Assessment Freeze – Provides Seniors with limited incomes - protection against real estate tax increases due to rising property values. This is not a tax freeze
7. VETERANS AND THE DISABLED -There are multiple ways Veterans and the disabled can save on property taxes.
Standard Exemption for Veterans with Disabilities - See all the details
Returning Veterans Exemption – See all the details
Disabled Veterans Exemption – See all the details
Homestead Exemption for persons with disabilities - See all the details
CLICK HERE TO LEARN THE DETAILS AND QUALIFICATIONS FOR ALL EXEMPTIONS.