Concessions for seniors

Many local governments give their seniors - or some of them - discounts or exemptions from property tax. Their tax billing software needs to include algorithms to calculate the amount of the discount according to the various rules. In Will County, IL, beginning in 1994, a Senior Citizens Assessment Freeze Homestead Exemption was granted for those 65 years or older who own and occupy a residence and do not exceed established income requirements.

The current annual income limit is $55,000. The law sets a July 1 deadline for submitting an application, but allows counties to establish a different date by ordinance. On Thursday, the Will County Board approved the extension. The exemption allows senior citizens to have their home's equalized assessed valuation frozen at a base year value and prevent or limit any increase due to inflation.