The exemptions you are owed, in dollars.
Illinois lowers a homeowner's assessed value with exemptions, two of them for seniors, and their amounts differ by county. Enter your bill's value, your age, and your income and see which apply and what each is worth every year.
2026; 35 ILCS 200/15-170, 15-172, 15-175 · Last reviewed September 6, 2026 · Facts · The table · Methodology
https://consideratecapital.com/tools/illinois-senior-property-tax-exemptions
The taxable value the county assigns your home, usually about a third of what it would sell for. It is printed on your bill and on the county assessor's site.
If you have the senior freeze, enter the value from the year you first qualified. If not, leave it equal to today's value.
The senior exemptions begin at age 65.
The freeze requires total household income of $75,000 or less. Count everyone living in the home and include Social Security.
The total rate printed on your bill, combining every taxing district. It is often 7 to 12 percent in Cook and the collar counties.
- General homestead exemption
- $10,000
- Open to any owner who lives in the home. Saves $800 a year
- Senior homestead exemption
- $8,000
- From age 65. Saves $640 a year
- Senior assessment freeze
- $10,000
- Holds the value at $50,000. Saves $800 a year
Exemptions reduce the assessed value, not the bill itself. Each one is worth its amount times your tax rate. The senior exemption is claimed once with the county and renews on its own. The freeze must be renewed every year with an income form, and its value grows as assessments rise above the year you locked in. Missed exemptions can usually be claimed back for a few prior years through the county.
This follows the Illinois property tax rules for the general homestead exemption, the senior homestead exemption, and the senior assessment freeze, using the 2026 amounts. It takes the assessed value and rate from your bill, never lets the exemptions exceed the value, and applies the freeze's income test (for taxable year 2026; $65,000 through 2025, rising to $79,000 from 2028) to the whole household. It leaves out the exemptions for veterans with disabilities, people with disabilities, home improvements, and long-time occupants, and it does not cover appealing your assessment. Educational, not advice.
This is a simplified model, not your actual tax return or plan. It only knows what you type in, leaves out rules that may apply to you, and cannot weigh the other facts and trade-offs a real decision depends on. Before you act, talk with a professional who knows your whole situation.
Built by Joshua Mangoubi, CFA, MBA. By using this tool you agree to the tool terms, which include that results vary with each use and over time. Cite this tool, or take a table or chart
How it counts. The general and senior homestead amounts for the county class, the freeze's growth above the base year where the income test is met, each times the local rate from the bill.
What it assumes. The value and rate from your bill and the base year you first applied. The county assessor decides applications, the freeze needs a yearly affidavit, and missed years can often be claimed back; the veterans' and disability exemptions and appeals are outside the tool.
Where we fit in. We integrate tax considerations into your investment strategy and collaborate with estate attorneys and CPAs to ensure your plan is coordinated. We are not a law firm or accounting firm, so we do not provide legal or tax advice. Everything in this material is for educational purposes, based on primary sources. Before taking any action, please consult the appropriate professionals to apply these ideas to your situation.
The facts, in one place.
Six quotable sentences on the Illinois homestead exemptions, 2026.
- Illinois property tax is charged on equalized assessed value, roughly a third of market value, at a local composite rate. An exemption reduces that value, so its worth in dollars is the reduction times the rate: a $10,000 exemption at an 8 percent rate saves $800 a year.
- The general homestead exemption on an owner-occupied home is $10,000 in Cook County, $8,000 in the counties touching it, and $6,000 elsewhere (35 ILCS 200/15-175).
- From age 65 the senior citizens homestead exemption adds $8,000 in Cook and the collar counties and $5,000 elsewhere (15-170); it is claimed once and renews.
- A homeowner 65 or older with household income of $75,000 or less (for taxable year 2026; $65,000 through 2025, rising to $79,000 from 2028) may freeze the equalized assessed value at the year of first application; the exemption each year is the growth since then (15-172).
- Example: a Cook County home assessed at $60,000 (about $180,000 of market value), owner 70, income $50,000, frozen at $50,000, at an 8 percent rate: $28,000 of exemptions, $2,240 a year saved on a $4,800 bill.
- The freeze must be renewed every year with an income affidavit, and its income test counts the whole household's income, including Social Security. Other exemptions exist for veterans with disabilities, people with disabilities, and home improvements.
The exemptions.
Each exemption, who qualifies, and the reduction by county.
| Exemption | Who | Cook County | Collar counties | Other counties |
|---|---|---|---|---|
| General homestead | Owner-occupants | $10,000 | $8,000 | $6,000 |
| Senior citizens homestead | 65 and older | $8,000 | $8,000 | $5,000 |
| Senior assessment freeze | 65+, household income at or under $75,000 | Value frozen at the base year | Value frozen at the base year | Value frozen at the base year |
How the exemptions work.
Illinois property tax is levied on equalized assessed value, roughly a third of market value after the state's equalization, at the sum of the local rates. A homestead exemption subtracts a fixed amount from that value before the rate is applied, so its worth in dollars is the amount times the rate. The general exemption goes to any owner-occupant; the senior exemption adds a second amount from 65; both are larger in Cook County and the counties around it than elsewhere.
The assessment freeze is different in kind. For a senior whose household income is under the limit, it holds the assessed value at the level of the first year applied for, so the exemption grows as assessments rise; it must be renewed yearly with an income affidavit, and the income counted is everyone's in the household, Social Security included. The calculator takes the bill's value and rate and shows what each exemption is worth.
Methodology.
- Inputs. The county class, the equalized assessed value, the base-year value for the freeze, your age, household income, and the local composite rate.
- The exemptions. The general homestead amount for the county class (35 ILCS 200/15-175); from 65, the senior homestead amount (15-170); with income at or under the limit, the growth in value above the base year (15-172); none exceeding the value.
- The saving. Each exemption times the rate, and the bill before and after.
- Validation. A Cook County senior with the freeze, the same over the income limit, an under-65 owner elsewhere, and the collar county amounts. A transcription error fails the build.
- Not modeled. The exemptions for veterans with disabilities, people with disabilities, home improvements, and long-time occupants; the senior deferral program; assessment appeals; and the tax rate itself, which the bill states. Educational, not advice.
Sources.
- 1. Illinois General Assembly, 35 ILCS 200/15-175 — General homestead exemption. The maximum reduction in equalized assessed value for taxable years 2023 and after: $10,000 in a county of 3,000,000 or more (Cook), $8,000 in a county contiguous to it, and $6,000 elsewhere (subsection (b)). Retrieved September 6, 2026; verified September 6, 2026.
- 2. Illinois General Assembly, 35 ILCS 200/15-170 — Senior citizens homestead exemption. For a person 65 or older, the maximum reduction for taxable years 2023 and after: $8,000 in Cook and the counties contiguous to it, $5,000 elsewhere. Retrieved September 6, 2026; verified September 6, 2026.
- 3. Illinois General Assembly, 35 ILCS 200/15-172 — Low-income senior citizens assessment freeze homestead exemption. That a person 65 or older with household income at or under the limit ($65,000 for taxable years 2018 through 2025, $75,000 for 2026, $79,000 for 2028 and after) may freeze the equalized assessed value at the base year, the exemption being the current value less the base amount (subsections (b), (c)). Retrieved September 6, 2026; verified September 6, 2026.
Revision history.
The record's history.
- September 6, 2026
- First release: the general and senior homestead exemptions by county class and the assessment freeze's income test, with the saving at a local rate.
Canonical address: https://consideratecapital.com/tools/illinois-senior-property-tax-exemptions
When you are ready, this is worth an unhurried conversation.
A first call with an advisor, just to get to know each other. No preparation needed, and no obligation on either side.
What does the house cost me, and what would selling or borrowing change?
The planning behind the number.
A Considerate Retirement
Thoughtful, practical guidance for the years after work — on money, and on the life it is for.