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Tax Relief and Incentive Programs

General Homestead Exemption

This annual exemption is available for residential property that is occupied as the principal dwelling place by the owner or a lessee with an equitable interest in the property and an obligation to pay the property taxes on the leased property. The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $5,000.

Homestead Improvement Exemption

This exemption is limited to the fair cash value that was added to the homestead property by any new improvement, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied. The Homestead Improvement Exemption may be granted automatically or Form PTAX-323, Application for Homestead Improvement Exemption may be required by the Supervisor of Assessments or County Assessor. In Cook County, an application must be filed with the County Assessor along with a valuation complaint.

Senior Citizens Assessment Freeze Homestead Exemption

This exemption allows senior citizens who have a total household income of less than $45,000, and meet certain other qualifications to elect to maintain the equalized assessed value (EAV) of their homes at the base year EAV and prevent any increase in that value due to inflation. Qualified individuals must complete and file Form PTAX-340, Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit, each year with the Supervisor of Assessments or County Assessor.

Senior Citizens Homestead Exemption

This exemption allows a $3,000 reduction in the EAV of the property that a person 65 years of age or older is obligated to pay taxes on, and owns and occupies, or leases and occupies as a residence. Generally, the initial application, Form PTAX-324, Application for Senior Citizens Homestead Exemption, must be filed with the chief county assessment officer (CCAO).

Senior Citizens Real Estate Tax Deferral Program

This program allows persons 65 years of age and older, who have a total household income of less than $40,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences. The deferral is similar to a loan against the property's market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property. To apply for real estate tax deferrals, Forms PTAX-1017-TD, Application for Deferral of Real Estate Taxes, and PTAX-1018-TD, Real Estate Tax Deferral and Recovery Agreement, must be completed. To apply for special assessment deferrals, Forms PTAX-1017-SA, Application for Deferral of Special Assessments, and PTAX-1018-SA, Special Assessments Deferral and Recovery Agreement, must be completed. Contact your local County Treasurers Office to receive the necessary forms, or further information on the program.

Disabled Veterans’ Exemption

This exemption may be up to $58,000 of the assessed value for certain types of housing owned and used by a disabled veteran or his or her unmarried surviving spouse. The Illinois Department of Veterans’ Affairs determines the eligibility for this exemption, which must be reestablished annually.

Non-homestead Exemptions for Religious, Charitable, or Educational Organizations

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. The organization must apply for exemption to the county board of review which reviews the application and forwards it to the department for the final administrative decision.

Note: See Articles 10 and 18 of the Property Tax Code for other tax relief provisions.

** For more information on deductions, please contact Madison County Assessment Office at (618) 692-6270.