Limestone Township Service
Below you will find a listing of the most common property tax exemptions and their general/most common application.
For further information on any of these exemptions, please contact your Township Assessor at (309) 697-3531 or the Peoria County Supervisor of Assessments at (309) 672-6910.
Assistance in applying for these exemptions is also available in both the Assessor's and Supervisor of Assessments offices.
Contacts for Questions:
Owner Occupied Exemption (HRE)
To qualify for this exemption the homeowner must reside in the property as their primary residence as of January 1 of the taxing year and be responsible for the property taxes. This exemption amount is the difference in the current assessment and the 1977 value with a maximum limit of $6,000. Peoria County does not require a written application for this exemption. Any errors in this exemption should be reported to either the Township Assessor or the Supervisor of Assessments.
To qualify for the Senior Exemption the homeowner must be 65 years or older and occupy the home as their principal residence. This exemption amount is $5,000, but can be prorated for the amount of time the homeowner qualifies should the home be purchased mid-year. A PTAX324 application with proof of age is required to receive this exemption. It is not necessary to file a new PTAX324 application each year. However, if your residency changes, it is necessary to file on the new home.
This is an assessment freeze. This is NOT a tax freeze. It is calculated as the difference in the current assessment and the base year value (the assessment the tax year prior to the first year applied). The base year value is adjusted if the current assessment falls below the base; under the current law, you will always benefit from the lower assessed value if all other qualifications are met. To qualify for the SCAFE the homeowner must be 65 years of age or older, own and occupy the property for two consecutive January 1's, and have a household income of $65,000 or less. An annual PTAX340 application is required to be filed as income changes. You will be asked to provide proof of income on your first filing.
To qualify for this exemption, the homeowner must own and occupy the property as of January 1 of the taxing year. Disability must be confirmed by either the Social Security Administration or the doctor must fill out a PTAX343A application on the homeowner's behalf. This is a $2,000 exemption, and specific proof of disability is required upon initial application. A PTAX343 application is required the first year and a PTAX343R is required each subsequent year the homeowner qualifies for the exemption.
To qualify, the veteran must own and occupy the property as of January 1 of the taxing year and have at least a 30% service related disability. A letter from Veteran's Affairs stating this percentage is required upon initial application. This exemption carries over to non-remarried spouses of a disabled veteran. The exemption is awarded based on a tiered basis. Veterans with a 30% to 49% disability will receive $2,500; veterans with 50% to 69% will receive $5,000; and veterans with 70% or more service disability will be property tax exempt. A renewal application (PTAX342R) is required each year to continue receiving the exemption. Proof of disability, at present, is only required with initial application or if the percentage of service related disability changes.
This exemption is in the amount of $5,000, and is awarded to veterans returning from a current armed conflict. It is a two year exemption applying to current year of application and following year. The veteran must complete a PTAX341 and provide a copy of their DD214. The veteran must also own the property as of January 1 of the taxing year. This exemption may be reapplied for each time a veteran returns from deployment.
Home Improvement Exemption (HIE)
The Home Improvement Exemption is awarded to those homeowners who own and occupy the property as of January 1 of the taxing year who have improved their property in such a manner that it increases the assessed valuation of the property. The exemption is granted for the amount of increase in assessment due to new construction to a maximum of $25,000 assessed. This exemption is for 4 years. It is not necessary to make written application for this exemption.