Tax Savings Program
You can save between $150 and $1500 on your property taxes. It's true!!
All you do is fill out the application, return it to the Housing Authority and look for your tax savings on your tax bill next spring.
The Property Tax Code has been amended by the Illinois General Assembly by adding Section 18-173 which will continue to offer owners property tax savings for another ten years expiring in the year 2024. Properties located within a qualified Township and census tract that have a housing choice voucher contract can save between $500 and $1,500 on property taxes.
To qualify, the Housing Authority must certify the following:
- The property is located in a qualified Township.
- The property is located within a census tract that has a poverty level below 10%, using data from the 2010 Census.
- At least one tenant that was renting at this property had a housing choice voucher on January 1st of the taxable year.
- The unit passed the most recent Housing Quality Standards inspection and is in compliance with local building codes.
- The owner has completed an application form and submitted the $50 fee (forms are available on our website).
Landlords receive up to a 19% reduction in the Equalized Assessed Value (EAV) of the property depending on the number of qualified units. (Qualified units are limited to two units or 20% of total units in building, whichever is greater)
The qualifying Townships are: Cuba, Ela, Libertyville, Moraine, Shields, Vernon and West Deerfield.
Some of the qualifying cities are: Barrington, Buffalo Grove, Deerfield, Highland Park, Highwood, Lake Bluff, Lake Forest, Lake Zurich, Libertyville, Mundelein, Prairie View and Vernon Hills.
Tax Savings Program Information
Tax Savings Program 2016 Application
Lake County Housing Authority has the applications in our main office or you can download one now by clicking on the link above.
Please contact Jody Jewell at firstname.lastname@example.org or (847) 223-1170 ext 2490 with any questions.