Macomb, IL – A new Illinois law will expand tax breaks offered to many homeowners.
McDonough County Supervisor of Assessment Tammy Camp briefed the county's Law and Legal committee on the changes.
She also told the group the changes will decrease the county's tax base, but there's no way to tell yet just how much.
More information:
Camp says the general owner-occupied exemption will increase $500 per year for the next two years.
The Senior Homestead Exemption will increase to $4,000.
The threshold for a senior citizen assessment freeze will increase to $55,000.
Effective this year is a one-time $5,000 property tax exemption for returning veterans. Additional exemptions are available for disabled veterans.
Towns will be allowed to abate some or all of their own taxes on property owned by a surviving spouse of a fallen police officer or firefighter.