After a Natural Disaster
To request reassessment of property based on damage caused by a disaster that has been declared a major disaster by the President of the United States or the Governor of the State of Illinois complete form PTAX-245
PTAX-245 Disaster Area Application for Reassessment
After Rebuilding
After rebuilding residential structures damaged or destroyed by a natural disaster, there are two property tax exemptions available.
The Natural Disaster Homestead Exemption is an exemption on homestead property for a rebuilt home following a natural disaster. The amount of the exemption is the reduction in equalized assessed value (EAV) of the residence in the first taxable year for which the taxpayer applies for an exemption minus the equalized assessed value of the residence for the taxable year prior to the taxable year in which the natural disaster occurred. The exemption continues at the same amount until the taxable year in which the property is sold or transferred.
To be eligible for this exemption, you must own or have ownership interest in the property on which a single family residence is occupied as your principal residence during the assessment year, you must be liable for payment of the real estate taxes, the residential structure must be rebuilt within 2 years after the date of the natural disaster, the square footage of the rebuilt residential structure may not be more than 110 percent of the square footage of the original residential structure as it existed immediately prior to the natural disaster.
PTAX-327 Application for the Natural Disaster Homestead Exemption
Homestead Improvement Exemption
The Homestead Improvement Exemption is an exemption allowed for new improvements to existing structures on homestead property or the rebuilding of residential structures following a catastrophic event. The exemption is limited to a maximum of $75,000 per year in fair cash value and continues for four years from the date the improvement or rebuilding is completed and occupied.
If your property is damaged or destroyed as a result of a catastrophic event, you may qualify for a homestead improvement exemption if the residential structure is rebuilt within two years of the catastrophic event.
The homestead improvement exemption applies only to the increase in value of the rebuilt structure over the value of the structure before the catastrophic event.
