Kane County Seniors Miss Out on Tax Benefit This Year
Due to lower assessed values of homes, some seniors will not get a tax break under the senior citizen assessment freeze exemption this year.
The deadline to file tax returns isn't until April but taxpayers appear to be filing early and are already asking, Where's my tax refund?"
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Some Kane County senior citizens are seeing their tax bills go up this year due to a decrease in property assessments, according a Daily Herald article.
As part of senior citizen assessment freeze exemption, which is meant to freeze the assessed value of a parcel once the owner turns 65 years old and help provide tax savings to the senior citizen, is that if house values decrease, the senior will not get a tax reduction in the first year after the lower assessment, according to the Daily Herald.
Read more about the senior citizen assessment freeze exemption in the Daily Herald.
