The Illinois PTAX-340 form is an application for the Senior Citizens Assessment Freeze Homestead Exemption. This exemption helps eligible seniors keep their property’s assessed value from increasing, thereby providing some financial relief on property taxes. Understanding the requirements and process for this form is essential for seniors looking to benefit from this valuable program.
The Illinois PTAX-340 form, officially known as the Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit, plays a crucial role in helping eligible senior citizens manage their property taxes. This form allows qualifying seniors to freeze the equalized assessed value (EAV) of their homes, preventing increases due to inflation. To apply, individuals must provide essential information, including their personal details, property address, and household income. The application process requires reporting the total income of all household members, ensuring that it does not exceed the specified threshold of $65,000. Additionally, the form includes an affidavit where applicants affirm their eligibility and the use of the property as their principal residence. Timeliness is key, as applicants must submit the PTAX-340 by the designated deadline to secure their exemption for the upcoming tax year. Understanding the requirements and steps outlined in the PTAX-340 is vital for seniors looking to benefit from this financial relief program.
What is the Illinois PTAX-340 form?
The Illinois PTAX-340 form is an application for the Senior Citizens Assessment Freeze Homestead Exemption. This exemption allows eligible senior citizens to have their home's equalized assessed value (EAV) frozen at a base year value, which helps prevent or limit increases in property taxes due to inflation. By applying for this exemption, seniors can potentially save money on their property taxes, as the amount of the exemption is the difference between the base year EAV and the current year's EAV.
Who is eligible to apply for the Senior Citizens Assessment Freeze Homestead Exemption?
To qualify for this exemption, applicants must meet several criteria. First, you must be 65 years of age or older during the year of application. Second, your total household income for the previous year must be $65,000 or less. Additionally, you must have used the property as your principal residence and owned it or had a legal interest in it as of January 1 of both the current and previous year. If you are a surviving spouse of someone who would have qualified, you may also be eligible, even if you are not yet 65.
What types of income should be included when calculating household income?
Household income encompasses the income of you, your spouse, and all other individuals living in your household. This includes various sources such as wages, Social Security benefits, pensions, rental income, and government assistance. It is important to note that certain types of income, like cash gifts or child support, should not be included. The form provides detailed instructions on what to include and exclude, ensuring that applicants can accurately report their household income.
How do I file the PTAX-340 form, and when is it due?
To file the PTAX-340 form, you must complete it and submit it to your Chief County Assessment Officer (CCAO) by the deadline specified on the form. It is crucial to file this form every year to continue receiving the exemption, as eligibility can change from year to year. Be sure to check for any additional documentation that may be required, such as tax returns or proof of age, as the CCAO may request this information to verify your eligibility.
Will my personal information remain confidential if I apply for this exemption?
Yes, all information provided on the PTAX-340 form is considered confidential. It is used solely for official purposes related to the assessment freeze exemption. This confidentiality helps protect applicants' personal data while allowing the authorities to verify eligibility and administer the exemption appropriately.
Incorrect Personal Information: Many applicants fail to provide accurate personal information, such as their full name, mailing address, or date of birth. This can lead to delays or even denial of the application.
Missing Property Details: Not including the correct street address or parcel index number (PIN) of the property can create confusion. It's essential to verify these details against your property tax bill.
Inaccurate Income Reporting: Some applicants mistakenly report their household income. This includes failing to include all sources of income, such as Social Security, pensions, or rental income. Omitting any income can result in disqualification.
Failure to Answer Key Questions: Skipping questions in Part 2 regarding prior exemptions or the spouse’s application status can lead to complications. Each question is designed to clarify eligibility.
Not Signing the Affidavit: It’s crucial to sign the affidavit at the end of the form. A missing signature can render the application invalid, even if all other information is correct.
Missing the Deadline: Applicants often overlook the application deadline. Submitting the form late can mean missing out on the exemption for that tax year.
PTAX-340 2023 Low-Income Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit
Last date to apply: ______________________________________
Part 1: Applicant information (Please type or print.)
1
____________________________________________________________
3 ____________________________________________
First name
MI
Last name
Tax ID number
2
4
____ ____ /____ ____ /____ ____ ____ ____
Mailing address
Date of birth (month, day, year)
5
(
)
-
_____________________
______________________
City
State
ZIP
Area code and phone number
Email address
Part 2: Property information
1_____________________________________________________________________________________________________________
Street address of property for which this exemption application is filedTownship
__________________________________________
IL ______________________________________________________________
County
2____________________________________________________________
Property (parcel) index number (PIN)
Note: The PIN is shown on your property tax bill. You also may obtain it from your chief county assessment officer
(CCAO). If you cannot obtain the PIN, attach a copy of the legal description.
3
Have you or your spouse received this exemption for this property previously?
____ Yes
____ No
If you answered “Yes”, write the base year, if known.
____ ____ ____ ____
If your spouse maintains a separate residence, has he or she applied for this exemption?
Part 3: Household income for 2022
You must include the income of you, your spouse, and all other individuals who live in your household.
Social Security and SSI benefits. Include Medicare deductions in this total.
__________________|______
Railroad Retirement benefits. Include Medicare deductions in this total.
Civil Service benefits
Annuities, federally taxable pensions and retirement plan distributions.
Human Services and other governmental cash public assistance benefits
6
Wages, salaries, and tips from work
7
Interest and dividends received
8
Net rental, farm, and business income or (loss). (See instructions for Line 8.)
9
Net capital gain or (loss). (See instructions for Line 9.)
10
Other income or (loss). (See instructions for Line 10.)
10 __________________|______
11
Add Lines 1 through 10.
11 __________________|______
12Certain subtractions. You may subtract only the reported adjustments to income from U.S. 1040, Schedule 1, Line 26.
Subtraction item
Amount
12a_______________________________________________ __________________|______
12b_______________________________________________ __________________|______
Add the amounts on Lines 12a and 12b, and write the result.
12 __________________|______
13Subtract Line 12 from Line 11, and write the result. This is your total household income
for 2022. If the amount is greater than $65,000, STOP. You do not qualify for this exemption.13__________________|______
Do not write in this space.
Date received
___________________
Income verified
____ Yes ____No
Application number
Base year EAV
$__________________
Base year
___ ___ ___ ___
Revised base year EAV
Revised base year
EAV of added improvements
Approved
____Yes ____No
Base amount
PTAX-340 (R-12/22)
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Part 4: Affidavit
Sworn under oath, I state the following:
1(Mark the statement that applies.)
On January 1, 2023, the property identified in Part 2, Line 1, was improved with a permanent structure a ____ that I used as my principal residence.
b ____ for which I received this exemption previously and is either unoccupied or used as my spouse’s principal residence. I am now a resident of a facility licensed under the Assisted Living and Shared Housing Act, Nursing Home Care Act, ID/DD (intellectually disabled/developmentally disabled) Community Care Act, or Specialized Mental Health Rehabilitation Act of 2013.
_______________________________________
_________________________________________________
Name of facility
2(Mark the statement that applies.)
On January 1, 2023, I
a ____ was the owner of record of the property identified in Part 2, Line 1.
b ____ had a legal or equitable interest by a written instrument in the property listed in Part 2, Line 1.
c ____ had a leasehold interest in the property identified in Part 2, Line 1, that was used as a single-family residence.
3I am liable for paying real property taxes on the property identified in Part 2, Line 1.
Note: If I have not received this exemption for this property previously, I also met the eligibility requirements listed in Part 4, Lines 1, 2, and 3 for this property on January 1, 2022.
4(Mark the statement that applies.)
a ____ In 2023, I am, or will be, 65 years of age or older.
b ____ In 2023, my spouse, who died in 2023, would have been 65 years of age or older. (Complete the following information.)
_____________________________________________
__________________________________________________
Deceased spouse’s name
Date of death (month, day, year)
5The property identified in Part 2, Line 1, is the only property for which I am applying for a low-income senior citizens assessment freeze homestead exemption for 2023.
6The amount reported in Part 3, Line 13, of this form includes the income of my spouse and all persons living in my household and the total household income for 2022 is $65,000 or less.
7On January 1, 2023, the following individuals also used the property identified in Part 2, Line 1, for their principal residence.
My spouse is included if he or she used the property as his or her principal dwelling place on January 1, 2023. The total income of all individuals and my spouse (regardless of his or her principal residence) are included in Part 3. (Attach an
additional sheet if necessary.)
First and last name
a __________________________________________________
b __________________________________________________
8(Mark the statement that applies.) On January 1, 2023, I was
a ____ single, widow(er), or divorced. b ____ married and living together. c ____ married, but not living together.
My spouse’s name and address is _____________________________________________________________________________
First nameMILast name
_____________________________________________________________________________________________________________
Street Address
Under penalties of perjury, I state that, to the best of my knowledge, the information contained in this affidavit is true, correct, and complete.
_______________________________________ ____ ____/____ ____/____ ____ ____ ____
Signature of applicant
Date (month, day, year)
Note: The CCAO may conduct an audit to verify that the taxpayer is eligible to receive this exemption.
Mail your completed Form PTAX-340 to:
If you have any questions, please call:
_________________Co. Chief County Assessment Officer
(_________)__________________________________________
—
_______________________________________________________
Last date to apply ___ ___/___ ___/___ ___ ___ ___
Month Day
Year
____________________________________IL _________________
CityZIP
This form is authorized in accordance with the Illinois Property Tax Code. Disclosure of this information is required. Failure to provide information may result in this form not being processed and may result in a penalty.
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Printed by the authority of the state of Illinois-Web only-1
Form PTAX-340 General Information
What is the Low-Income Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE)?
The Low-Income Senior Citizens Assessment Freeze Homestead
Exemption (35 ILCS 200/15-172) allows you, as a qualified senior
citizen, to have your home’s equalized assessed value (EAV) “frozen” at a base year value and prevent or limit any increase due to inflation. The base year generally is the year before the year you first qualify and apply for the exemption. For example, if you first qualify and
apply in 2023, your property’s EAV will be “frozen” at the 2022 EAV.
The amount of the exemption is the difference between your base
year EAV and your current year EAV. For Cook County only, the
amount of the exemption is the difference between your base year
EAV and your current year EAV or $2,000, whichever is greater.
Freezing your property’s EAV does not mean that your property taxes will not increase, however. Other factors also affect your tax bill. For
example, your tax bill could increase if the tax rate, which is based on the amount of revenues taxing districts request, increases. Your EAV and tax bill may also increase if you add improvements to your home.
However, if your home’s EAV decreases in the future, you will benefit
from any reduction.
Who is eligible?
The low-income senior citizens assessment freeze homestead exemption qualifications for the 2023 tax year (for the property taxes
you will pay in 2024), are listed below.
•You will be 65 or older during 2023.
•Your total household income in 2022 was $65,000 or less.
•On January 1, 2022, and January 1, 2023, you
–used the property as your principal place of residence,
–owned the property, or had a legal or equitable interest in the property as evidenced by a written instrument, or had a leasehold interest in the property used as a single-family residence, and
–were liable for the payment of property taxes.
You do not qualify for this exemption if your property is assessed under the mobile home privilege tax.
Surviving spouse – Even if you are not 65 or older during 2023, you are eligible for this exemption for 2023 (and possibly 2022) if your spouse died in 2023 and would have met all of the qualifications.
Residents in a health facility – Even if you did not use the property as your principal place of residence on January 1, 2023, you qualify for this exemption if you are a resident of a facility licensed under the Assisted Living and Shared Housing Act, Nursing Home Care Act, ID/DD (intellectually disabled/developmentally disabled) Community Care Act, or Specialized Mental Health Rehabilitation Act of 2013 and you meet all other requirements, have received this exemption previously, and your property is either unoccupied or is occupied by your spouse.
Residents of cooperatives – If you are a resident of a cooperative apartment building or cooperative life-care facility, you qualify for this exemption if you are liable for the payment of the property taxes on your residence and meet the other eligibility requirements.
What is a household?
A household includes you, your spouse, and all other persons who used your residence as a principal dwelling place on January 1, 2023.
What is included in household income?
Household income includes your income, your spouse’s income, and the income of all individuals living in the household. Examples of
income that must be included in your household income are listed below. (For specific questions, see Part 3 on Page 4.)
•alimony or maintenance received
•annuities and other pensions
•Black Lung benefits
•business income
•capital gains
•cash assistance from the Illinois Department of Human Services and other governmental cash public assistance
•cash winnings from such sources as raffles and lotteries
•Civil Service benefits
•damages awarded in a lawsuit for nonphysical injury or sickness (for example, age discrimination or injury to reputation)
•dividends
•farm income
•Illinois Income Tax refund (only if you received Form 1099-G)
•interest
•interest received on life insurance policies
•long term care insurance (federally taxable portion only)
•lump sum Social Security payments
•miscellaneous income, such as from rummage sales, recycling aluminum, or baby sitting
•military retirement pay based on age or length of service
•monthly insurance benefits
•pension and IRA benefits (federally taxable portion only)
•Railroad Retirement benefits (including Medicare deductions)
•rental income
•Social Security income (including Medicare deductions)
•Supplemental Security Income (SSI) benefits
•all unemployment compensation
•wages, salaries, and tips from work
•Workers’ Compensation Act income
•Workers’ Occupational Diseases Act income
What is not included in household income?
Some examples of income that are not included in household income
are listed below. (For specific income questions, see Part 3 on
Page 4.)
•cash gifts
•child support payments
•COBRA subsidy payments
•damages awarded in a lawsuit for a physical personal injury or sickness
•Energy Assistance payments
•federal income tax refunds
•IRA’s “rolled over” into other retirement accounts, unless “rolled over” into a Roth IRA
•lump sums from inheritances
•lump sums from insurance policies
•money borrowed against a life insurance policy or from any financial institution
•reverse mortgage payments
•spousal impoverishment payments
•stipends from Foster Parent and Foster Grandparent programs
•Veterans’ benefits
What if I have a net operating loss or capital loss carryover from a previous year?
You cannot include any carryover of net operating loss or capital loss from a previous year. You can include only a net operating loss or capital loss that occurred in 2022.
Will my information remain confidential?
All information received from your application is confidential and may be used only for official purposes.
When must I file?
File Form PTAX-340 with the CCAO by the due date printed on the bottom of Page 2. You must file Form PTAX-340 every year and meet the qualifications for that year to continue to receive the
exemption.
Note: The CCAO may require additional documentation
(i.e., birth certificates, tax returns) to verify the information in this
application.
What if I need additional assistance?
If you have questions about this form, please contact your CCAO, also known as the supervisor of assessments, or county assessor, at the address and phone number printed at the bottom of Page 2.
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Form PTAX-340 Step-by-Step Instructions
Part 1: Applicant information
Lines 1 through 5 – Type or print the requested information.
Lines 1 and 2 – Identify the property for which this application is filed.
Lines 3 and 4 – Answer the questions by marking an “X” next to your statement. If you answered “Yes” to the question on Line 3 and you know the base year, write it in the space provided.
“Income” for this exemption means 2022 federal adjusted gross income, plus certain items subtracted from or not included in your federal adjusted gross income (320 ILCS 25/3.07). These include tax-exempt interest, dividends, annuities, net operating
loss carryovers, capital loss carryovers, and Social Security benefits. Income also includes public assistance payments from
a governmental agency, SSI, and certain taxes paid. These Step-by-Step Instructions provide federal return line references and reporting statement references, whenever possible.
The amounts written on each line must include the 2022 income for you, your spouse, and all the other individuals living in the household.
As an alternative income valuation, a homeowner who is enrolled in any of the following programs may be presumed to have household income that does not exceed the maximum income limitation for that tax year: Aid to the Aged, Blind or Disabled (AABD) Program or the Supplemental Nutrition Assistance Program (SNAP), both of which are administered by the Department of Human Services; the Low Income Home Energy Assistance Program (LIHEAP), which is administered by the Department of Commerce and Economic
Opportunity; The Benefit Access program, which is administered by
the Department on Aging; and the Senior Citizens Real Estate Tax Deferral Program.
Line 1 – Social Security and Supplemental Security Income (SSI) benefits
Write the total amount of retirement, disability, or survivor’s benefits (including Medicare deductions) the entire household received from
the Social Security Administration (shown on Form SSA-1099, box
3 or use box 5 only if there is a reduction of benefits). You also must
include any Supplemental Security Income (SSI) the entire household received and any benefits to dependent children in the household.
Do not include reimbursements under Medicare/Medicaid for medical expenses.
Note: The amount deducted for Medicare is already included in the amount in box 3 of Form SSA-1099.
Line 2 – Railroad Retirement benefits
Write the total amount of retirement, disability, or survivor’s benefits (including Medicare deductions) the entire household received under the Railroad Retirement Act (shown on Forms SSA-1099 and RRB-1099).
Line 3 – Civil Service benefits
Write the total amount of retirement, disability, or survivor’s benefits the entire household received under any Civil Service retirement plan (shown on Form 1099-R).
Line 4 – Annuities and other retirement income
Write the total amount of income the entire household received as an annuity from any annuity, endowment, life insurance contract, or similar contract or agreement (shown on Form 1099-R). Include only the federally taxable portion of pensions, IRAs, and IRAs converted to Roth IRAs (shown on U.S. 1040, Line 4b). IRAs are not taxable when “rolled over,” unless “rolled over” into a Roth IRA.
Line 5 – Human Services and other governmental cash public assistance benefits
Write the total amount of Human Services and other governmental cash public assistance benefits the entire household received. If the first two digits of any member’s Human Services case number are the
same as any of those in the following list, you must include the total
amount of any of these benefits on Line 5.
01
aged
04 and 06 temporary assistance to
02
blind
needy families (TANF)
03
disabled
07 general assistance
To determine the total amount of the household benefits, multiply the
monthly amount each person received by 12. You must adjust your figures accordingly if anyone in the household did not receive 12
equal checks during this period.
Food stamps and medical assistance benefits anyone in the house- hold may have received are not considered income and should not be added to your total income.
Line 6 – Wages, salaries, and tips from work
Write the total amount of wages, salaries, and tips from work for every household member (shown in box 1 of Form W-2).
Line 7 – Interest and dividends received
Write the total amount of interest and dividends the entire household received from all sources, including any government sources (shown on Forms 1099-INT, 1099-OID, and 1099-DIV). You must include both taxable and nontaxable amounts.
Line 8 – Net rental, farm, and business income or (loss)
Write the total amount of net income or loss from rental, farm, business sources, etc., the entire household received, as allowed on
U.S. 1040, Schedule 1, Lines 3, 5, and 6. You cannot use any net operating loss (NOL) carryover in figuring income.
Line 9 – Net capital gain or (loss)
Write the total amount of taxable capital gain or loss the entire household received in 2022, as allowed on U.S. 1040, Line 7 and
U.S. 1040, Schedule 1, Line 4. You cannot use a net capital loss carryover in figuring income.
Line 10 – Other income or (loss)
Write the total amount of other income or loss not included in Lines 1 through 9, that is included in federal adjusted gross income, such as alimony received, unemployment compensation, taxes withheld from oil or gas well royalties. You cannot use any net operating loss
(NOL) carryover in figuring income.
Line 11 – Add Lines 1 through 10.
Line 12 – Subtractions
You may subtract only the reported adjustments to income totaled on U.S. 1040, Schedule 1, Line 26. For example:
IRA deduction
educator expenses
Archer MSA deduction
tuition and fees
student loan interest
domestic production
deduction
activities deduction
jury duty pay you gave to your
deductible part of
employer
self-employment tax
penalty on early withdrawal of
self-employed health
savings
insurance deduction
self-employed SEP, SIMPLE,
health savings account
and qualified plans
alimony or maintenance paid
moving expenses
Line 13 – Total household income
Subtract Line 12 from Line 11. If this amount is greater than $65,000, you do not qualify for this exemption. See Page 3.
Lines 1 through 4 – Mark the item that applies. Read the affidavit
carefully. The statements must apply.
Line 7 – Write the names and tax identification numbers of the
individuals, other than yourself, who used the property for their principal residence on January 1, 2023. Attach an additional sheet if necessary.
Line 8 – Follow the instructions on the form. If your spouse does not reside at this property, be sure to write his or her name and address.
Note: You must sign your Form PTAX-340 before you file it with
your CCAO. Return your completed Form PTAX-340 to your CCAO’s
office or mail it to the address printed on the bottom of Page 2.
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When filling out the Illinois PTAX-340 form, it is essential to follow specific guidelines to ensure a smooth application process. Here are four things you should do and four things you should avoid:
The Illinois PTAX-340 form is essential for senior citizens seeking to apply for the Senior Citizens Assessment Freeze Homestead Exemption. Along with this form, several other documents may be necessary to support the application and ensure eligibility. Below is a list of commonly used forms and documents that often accompany the PTAX-340.
Gathering these documents can streamline the application process and help ensure that all eligibility requirements are met. It’s important to keep copies of everything submitted for personal records and future reference.
Actually, there is a deadline for applying. You must submit your application by the specified date on the form to be considered for the exemption.
This is not true. Residents of cooperative apartments or those with leasehold interests may also qualify, as long as they meet the other eligibility criteria.
In fact, you must include the income of everyone living in your household, including your spouse, to determine eligibility.
This is incorrect. You only need to meet the income requirement for the year you are applying. If your income drops below the threshold in a future year, you can reapply.
To qualify, the property must be your principal place of residence on January 1 of the year you are applying for the exemption.
This is misleading. The exemption freezes the assessed value of your property, not your taxes. Other factors can still cause your tax bill to increase.
You must file the PTAX-340 form every year to maintain your eligibility for the exemption. Failing to do so can result in losing the benefit.
Dbe Compliance - List the phone number for the contact person to facilitate communication.
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