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Blank Illinois Ptax 340 Form

The Illinois PTAX-340 form is an application for the Senior Citizens Assessment Freeze Homestead Exemption. This exemption allows qualifying senior citizens to freeze the equalized assessed value of their homes, thereby limiting increases in property taxes. Understanding this form is essential for seniors seeking financial relief from rising property taxes.

Outline

The Illinois PTAX-340 form is a crucial document for senior citizens seeking to benefit from the Senior Citizens Assessment Freeze Homestead Exemption. This exemption helps qualified homeowners by freezing their property’s equalized assessed value (EAV), effectively preventing increases in property taxes due to inflation. To qualify, applicants must be 65 years or older and have a total household income of $65,000 or less. The form is divided into several parts, each gathering essential information about the applicant, their property, and household income. Part 1 collects personal details such as name, mailing address, and date of birth. Part 2 focuses on the property for which the exemption is being requested, including its address and property index number. In Part 3, applicants must provide a comprehensive account of household income, detailing various sources like Social Security benefits, wages, and pensions. Lastly, Part 4 serves as an affidavit where applicants attest to the accuracy of the information provided. Understanding the nuances of this form is vital for seniors looking to maintain their financial stability in the face of rising property taxes.

Sample - Illinois Ptax 340 Form

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	(	)	-	_____________________
					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 ______________________________________________________________
City	ZIP	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.	____ ____ ____ ____
4	If your spouse maintains a separate residence, has he or she applied for this exemption?	____ Yes	____ No

Part 3: Household income for 2022

You must include the income of you, your spouse, and all other individuals who live in your household.

1	Social Security and SSI benefits. Include Medicare deductions in this total.	1	__________________\|______
2	Railroad Retirement benefits. Include Medicare deductions in this total.	2	__________________\|______
3	Civil Service benefits	3	__________________\|______
4	Annuities, federally taxable pensions and retirement plan distributions.	4	__________________\|______
5	Human Services and other governmental cash public assistance benefits	5	__________________\|______
6	Wages, salaries, and tips from work	6	__________________\|______
7	Interest and dividends received	7	__________________\|______
8	Net rental, farm, and business income or (loss). (See instructions for Line 8.)	8	__________________\|______
9	Net capital gain or (loss). (See instructions for Line 9.)	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	Mailing address

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	Tax ID number

____ ____ /____ ____ /____ ____ ____ ____	____ ____ /____ ____ /____ ____ ____ ____
Date of birth (month, day, year)	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	Tax ID number
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

City

State

ZIP

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 ___ ___/___ ___/___ ___ ___ ___
Mailing address	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

PTAX-340 (R-12/22)

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.

PTAX-340 (R-12/22)

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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.

Part 2: Property 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.

Part 3: Household income for 2022

“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	deduction
 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.

Part 4: Affidavit

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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PTAX-340 (R-12/22)

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Form Information

Fact Name	Details
Purpose	The PTAX-340 form is used to apply for the Senior Citizens Assessment Freeze Homestead Exemption, which helps eligible seniors keep their property taxes stable by freezing the assessed value of their home.
Eligibility Criteria	Applicants must be 65 years or older, have a total household income of $65,000 or less, and have used the property as their principal residence on January 1 of both the current and previous year.
Filing Deadline	The last date to apply for the exemption is specified on the form. Timely submission is crucial to ensure eligibility for the exemption in the current tax year.
Governing Law	This form operates under the Illinois Property Tax Code, specifically 35 ILCS 200/15-172, which outlines the requirements and benefits of the Senior Citizens Assessment Freeze Homestead Exemption.
Income Reporting	Applicants must report the total household income from various sources, including Social Security, pensions, and wages. This total determines eligibility for the exemption.

Detailed Guide for Filling Out Illinois Ptax 340

Completing the Illinois PTAX-340 form requires careful attention to detail. This application must be filled out accurately to ensure that you qualify for the Senior Citizens Assessment Freeze Homestead Exemption. Follow the steps outlined below to complete the form correctly.

Part 1: Applicant Information

Line 1: Enter your first name, middle initial, and last name.
Line 2: Provide your mailing address.
Line 3: Enter your Tax ID number.
Line 4: Fill in your date of birth in the format month/day/year.
Line 5: Include your area code and phone number, followed by your email address.

Part 2: Property Information

Line 1: Enter the street address of the property for which you are applying.
Line 2: Provide the property (parcel) index number (PIN) found on your property tax bill.
Line 3: Indicate whether you or your spouse have received this exemption for the property before. Mark "Yes" or "No." If "Yes," write the base year.
Line 4: Indicate if your spouse has applied for this exemption at a separate residence.

Part 3: Household Income for 2020

Lines 1-10: Fill in the total amounts for each income category, including Social Security, Railroad Retirement, Civil Service benefits, wages, etc.
Line 11: Add all the amounts from Lines 1 through 10.
Lines 12a and 12b: Report any allowable subtractions from your income.
Line 13: Subtract Line 12 from Line 11 to determine your total household income. If it exceeds $65,000, you do not qualify for the exemption.

Part 4: Affidavit

Lines 1-4: Mark the appropriate statements that apply to your situation.
Line 5: Confirm that the property is the only one for which you are applying for this exemption.
Line 6: Verify that the total household income is $65,000 or less.
Line 7: List the names and Tax ID numbers of other individuals living in your household.
Line 8: Indicate your marital status and provide your spouse's information if applicable.
Sign and date the form at the bottom.

Once you have completed the form, review it for accuracy. Mail the PTAX-340 to your Chief County Assessment Officer (CCAO) by the due date indicated at the bottom of the form. Ensure that all necessary documentation is included to support your application.

Obtain Answers on Illinois Ptax 340

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 qualifying seniors to "freeze" the equalized assessed value (EAV) of their home at a base year value, which helps prevent or limit increases in property taxes due to inflation. To qualify, applicants must meet certain age and income criteria.
Who is eligible to apply for this exemption?

To be eligible for the Senior Citizens Assessment Freeze Homestead Exemption, you must:
- Be 65 years or older during the tax year.
- Have a total household income of $65,000 or less in the previous year.
- Use the property as your principal residence and own or have a legal interest in it.
Additionally, surviving spouses of individuals who would have qualified can apply, as well as residents of certain licensed facilities.
What is considered household income for this exemption?

Household income includes all income from you, your spouse, and anyone else living in your home. This includes wages, Social Security benefits, pensions, and any other forms of income. Certain types of income, like cash gifts or child support, are not included. It's important to accurately report all applicable income to determine eligibility.
When must I file the PTAX-340 form?

The PTAX-340 form must be filed with your Chief County Assessment Officer (CCAO) by the deadline specified on the form. You need to submit this application every year to maintain your exemption status. If you miss the deadline, you may lose your opportunity to receive the exemption for that year.
What happens if my application is denied?

If your application for the Senior Citizens Assessment Freeze Homestead Exemption is denied, you should receive a notification explaining the reasons for the denial. You have the right to appeal the decision. Contact your CCAO for guidance on the appeals process and any additional documentation you may need to provide.

Common mistakes

Filling out the Illinois PTAX-340 form can be a straightforward process, but many people make common mistakes that can lead to delays or denials. One frequent error is not providing complete applicant information. Ensure that all sections, including your name, tax ID number, and contact details, are filled out accurately. Missing or incorrect information can cause your application to be rejected.

Another mistake is failing to include the correct property information. It’s essential to accurately identify the property for which you are applying for the exemption. Double-check the street address and the property index number (PIN). If you cannot find your PIN, attach a legal description of the property as instructed.

Many applicants overlook the income requirements. The form requires you to include the total household income for 2020. This includes not just your income but also your spouse's and anyone else living in your household. Be careful to report all sources of income, including Social Security, pensions, and wages. If your total household income exceeds $65,000, you will not qualify for the exemption.

It’s also common to misinterpret the affidavit section. Ensure that you mark the correct statements that apply to your situation. This includes confirming your age and residency status as of January 1, 2021. If you’re unsure, review the requirements to avoid any inaccuracies.

Another pitfall is not signing the form. Your signature is crucial, as it verifies that the information provided is true and complete. Without a signature, your application cannot be processed.

Additionally, some applicants forget to attach necessary documentation. If you have received the exemption previously, you may need to provide proof of that. Always check if additional documents are required, such as tax returns or birth certificates, to support your application.

People often neglect to submit the form by the deadline. The last date to apply is printed on the form. Missing this date means you will have to wait until the next year to apply again, which can delay your benefits.

Finally, not following up on your application can be a mistake. After submitting your PTAX-340, keep track of its status. If you do not hear back within a reasonable time, contact your Chief County Assessment Officer to confirm that your application was received and is being processed.

Documents used along the form

The Illinois PTAX-340 form is essential for seniors seeking a property tax exemption. To ensure a smooth application process, several other forms and documents may be needed. Here is a list of commonly used forms that complement the PTAX-340.

PTAX-340-A: This is the additional affidavit form required for applicants who are claiming the Senior Citizens Assessment Freeze Homestead Exemption for the first time. It provides further details about household income and residency status.
PTAX-342: This form is used to apply for the General Homestead Exemption. It helps reduce the assessed value of a property, making it beneficial for homeowners, including seniors.
PTAX-343: This form is for the Disabled Persons Homestead Exemption. It allows individuals with disabilities to receive a reduction in their property taxes.
PTAX-340-B: This is a renewal form for the Senior Citizens Assessment Freeze Homestead Exemption. Seniors must submit this form annually to continue receiving the exemption.
Property Tax Bill: A copy of the latest property tax bill is often required to verify the property details and the amount of taxes owed.
Proof of Income Documentation: This includes tax returns, Social Security statements, and any other relevant financial documents to verify household income.

Gathering these forms and documents promptly will help streamline your application process. Ensure that all information is accurate and complete to avoid delays. If you have any questions, consider reaching out to your local Chief County Assessment Officer for assistance.

Similar forms

Form PTAX-340 (Senior Citizens Assessment Freeze Homestead Exemption Application): This form is specifically designed for senior citizens seeking to freeze their property’s assessed value. It requires personal and property information, similar to other exemption applications.
Form PTAX-343 (General Homestead Exemption Application): Like PTAX-340, this form allows property owners to apply for a general homestead exemption, focusing on basic eligibility criteria and property details.
Form PTAX-342 (Disabled Persons Homestead Exemption Application): This application shares similarities with PTAX-340 in that it seeks to provide tax relief based on specific personal circumstances, such as disability status.
Form PTAX-341 (Veterans’ Homestead Exemption Application): This form is for veterans seeking property tax exemptions. It parallels PTAX-340 in its requirement for personal and property information, as well as income verification.
Form PTAX-348 (Senior Citizens Homestead Exemption Renewal Application): Similar to PTAX-340, this renewal form is specifically for seniors who have previously qualified for the exemption, ensuring they continue to meet eligibility requirements.
Form PTAX-345 (Homestead Exemption for Property Owned by a Trust): This form allows property held in trust to qualify for homestead exemptions, much like PTAX-340, which focuses on the owner’s eligibility and property use.
Form PTAX-346 (General Homestead Exemption Application for Cooperative Housing): This application is tailored for residents of cooperative housing, paralleling PTAX-340 in that it assesses eligibility based on residency and income.
Form PTAX-347 (Homestead Exemption for Surviving Spouses): This form caters to surviving spouses, similar to PTAX-340, as it addresses specific eligibility criteria and requires detailed personal information.
Form PTAX-349 (Application for the Disabled Veterans Homestead Exemption): This document is aimed at disabled veterans, sharing similarities with PTAX-340 in terms of personal information requirements and income verification processes.

Dos and Don'ts

When filling out the Illinois PTAX-340 form for the Senior Citizens Assessment Freeze Homestead Exemption, it is important to follow certain guidelines to ensure your application is processed smoothly. Here are four things you should and shouldn't do:

Do type or print clearly in the designated areas of the form to avoid any confusion.
Do include all sources of household income for 2020, as this is crucial for determining eligibility.
Don't leave any required fields blank. Incomplete forms may delay processing or result in denial of the exemption.
Don't forget to submit your application by the deadline to ensure you are considered for the exemption.

Misconceptions

Misconceptions about the Illinois PTAX-340 form can lead to confusion and potentially impact eligibility for the Senior Citizens Assessment Freeze Homestead Exemption. Here are eight common misconceptions explained:

Misconception 1: Only homeowners can apply for the exemption.

In reality, renters in cooperative apartments or life-care facilities may also qualify if they meet the eligibility requirements and are responsible for property taxes.

Misconception 2: The exemption is automatic once you qualify.

Applicants must file the PTAX-340 form every year to continue receiving the exemption. Failure to do so may result in losing the benefit.

Misconception 3: You must be 65 years old at the time of application.

While applicants must be 65 during the tax year, those whose spouse passed away in that year and would have qualified can still apply.

Misconception 4: All types of income are counted towards the $65,000 limit.

Not all income counts. Certain sources, like cash gifts or child support, are excluded from the household income calculation.

Misconception 5: You cannot qualify if you live in a nursing home.

Residents of licensed facilities can still qualify, provided they meet other eligibility criteria and the property is unoccupied or used by a spouse.

Misconception 6: The exemption freezes property taxes at the current rate.

The exemption freezes the assessed value of the property, not the tax rate. Taxes may still increase due to changes in the tax rate or new assessments.

Misconception 7: You can apply for the exemption anytime during the year.

There is a specific deadline to apply. Applicants must submit the PTAX-340 form by the last date indicated on the form to be considered for the exemption.

Misconception 8: The application process is straightforward and doesn’t require supporting documents.

While the form itself is simple, additional documentation may be needed to verify eligibility, such as tax returns or proof of income.

Key takeaways

Here are some key takeaways regarding the Illinois PTAX-340 form for the Senior Citizens Assessment Freeze Homestead Exemption:

Eligibility Requirements: To qualify for the exemption, applicants must be 65 or older during the year of application, and their total household income must be $65,000 or less for the previous year.
Application Deadline: It's crucial to submit the PTAX-340 form by the specified deadline to ensure eligibility for the exemption.
Complete All Sections: Fill out all parts of the form accurately, including personal information, property details, and household income. Missing information can delay processing.
Annual Filing Requirement: Applicants must file the PTAX-340 form each year to maintain their exemption status. Meeting the qualifications annually is essential.
Confidentiality of Information: All information provided on the form is confidential and will only be used for official purposes related to the exemption application.