Bloomingdale Township Assessor

Homestead Improvement Exemption - Estimate of Property Tax Savings (35 ILCS 200/15-180)

Example: A property owner builds a room addition that increases the value of the property by $33,000 and a homestead improvement exemption is granted. This is only an example. Your specific savings will vary depending upon the value added by your improvement and your local tax rate.

	WITHOUT IMPROVEMENT EXEMPTION	WITH IMPROVEMENT EXEMPTION
Fair Market Value Improvement Value New Fair Market Value Level of Assessment Equalized Value Exemption Amount Billing Value Local Tax Rate Tax Amount	240,000 + 33,000 273,000 X 33 1/3 % 91,000 - 0 91,000 X .07211 $6,562.01	240,000 + 33,000 273,000 X 33 1/3 % 91,000 - 11,000 80,000 X .07211 $5,768.80

ANNUAL TAX SAVINGS $6,562.01 - 5,768.80 = $793.21 Limited to 4 years