REAL ESTATE TAXES:

Real Estate Taxes in DuPage County are governed by the Property Tax Extension Limitation Act (Property Tax Cap) which limits the levies in any year to be 5% or the percent of the National Consumer Price Index, whichever is the less. The levy is the money requested by the various taxing bodies to operate for the coming year. Even though Tax Caps are in effect in DuPage County, individual tax bills could increase more than 5% in the event of any of the following:

1. A new building is erected on the property.
2. An addition is placed on an existing building
3. Home rule units of government increase their levies more than 5%.
4. If the property was reassessed due to changes in the market.
5. If the property has qualified for a tax exemption and the exemption is lost.

With the exception of the above, if a local taxing district requires more than a 5% increase in revenues, the taxing district must place a referendum on the ballot and request approval from the tax payers in the district.

Exemptions available to homeowners are:

RESIDENTIAL EXEMPTION: $3,500 in equalized assessed valuation where the occupant is the person legally responsible for the payment of the real estate taxes.

SENIOR'S EXEMPTION: $2000 in equalized assessed valuation to the owner occupied property when the owner is 65 years of age or older.

VETERANS EXEMPTION: Up to $30,000 equalized assessed valuation to a disabled veteran who has served in the armed forces of the United States

HOME IMPROVEMENT EXEMPTION: Up to $30,000 in actual value granted when the property is owned and used exclusively for residential purpose with demonstration that a proposed increase in assessed value is attributable solely to a new improvement of and existing structure.