Illinois Ptax 340 Form PDF Details

Understanding and navigating property tax exemptions can significantly impact senior citizens in Illinois, particularly with the Illinois PTAX-340 form, which serves as the Senior Citizens Assessment Freeze Homestead Exemption Application and Affidavit for the 2021 tax year. This form plays a crucial role in supporting eligible seniors by freezing the equalized assessed value (EAV) of their homes—essentially capping property value for tax purposes to combat inflation and potentially escalating tax bills. Eligibility for this exemption requires the applicant to be 65 years of age or older within the year of application, have a household income of $65,000 or less, and fulfill certain residency and responsibility criteria concerning the property in question over the specified periods. The form itself comprehensively covers applicant information, property details, and household income, with a keen emphasis on ensuring accuracy and completeness under oath. Moreover, the PTAX-340 is annual, mandating yearly submission for continuous benefit, and provides room for declaring a wide variety of income types, alongside permissible subtractions, to accurately determine eligibility. By understanding and utilizing the PTAX-340, Illinois seniors can secure a measure of financial relief, reflecting the state's acknowledgment of the financial pressures faced by older citizens.

QuestionAnswer
Form NameIllinois Ptax 340 Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namessenior citizens assessment ze exemption, 2021 illinois ptax 340, senior citizens assessment ze homestead exemption, form ptax 340

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PTAX-340 2021 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 ______________________________________________________________

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 2020

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 22.

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 2020. 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-12/20)

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Part 4: Affidavit

Sworn under oath, I state the following:

1(Mark the statement that applies.)

On January 1, 2021, 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, 2021, 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, 2020.

4(Mark the statement that applies.)

a ____ In 2021, I am, or will be, 65 years of age or older.

b ____ In 2021, my spouse, who died in 2021, 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 senior citizens assessment freeze homestead exemption for 2021.

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 2020 is $65,000 or less.

7On January 1, 2021, 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, 2021. 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.)

a b

First and last name

Tax ID number

__________________________________________________

__________________________________________________

__________________________________________________

__________________________________________________

8(Mark the statement that applies.)

On January 1, 2021, 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 _________________

City

ZIP

 

This form is authorized in accordance with the Illinois Property Tax Code. Disclosure of this information is required.

2 of 4

Failure to provide information may result in this form not being processed and may result in a penalty.

 

Printed by the authority of the state of Illinois-Web only-1

PTAX-340 (R-12/20)

Form PTAX-340 General Information

What is the Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE)?

The 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 2021, your property’s EAV will be “frozen” at the 2020 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 senior citizens assessment freeze homestead exemption qualifications for the 2021 tax year (for the property taxes you will pay in 2022), are listed below.

•You will be 65 or older during 2021.

•Your total household income in 2020 was $65,000 or less.

•On January 1, 2020, and January 1, 2021, 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 2021, you are eligible for this exemption for 2021 (and possibly 2020) if your spouse died in 2021 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, 2021, 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, 2021.

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 2020.

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-12/20)

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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 2020

“Income” for this exemption means 2020 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 2020 income for you, your spouse, and all the other individuals living in the household.

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 household 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 2020, 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 22. For example

•

IRA deduction

•

Educator expenses

•

Archer MSA deduction

•

Tuition and fees

•

moving expenses

•

Domestic production

•

alimony or maintenance paid

 

activities deduction

•health savings account deduction

•student loan interest deduction

•jury duty pay you gave to your employer

•deductible part of self-employment tax

•self-employed health insurance deduction

•self-employed SEP, SIMPLE, and qualified plans

•penalty on early withdrawal of savings

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, 2021. 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-12/20)

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Stage no. 1 in filling in ptax 340 form 2021

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Completing section 2 in ptax 340 form 2021

3. Completing Part Household income for You, for If the amount is greater than, Do not write in this space, Date received Application number, PTAX R, Yes No, Income verified Base year EAV, and Yes No is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

ptax 340 form 2021 completion process detailed (portion 3)

4. Filling out Part Affidavit Sworn under oath I, On January the property, I am now a resident of a facility, Mailing address, Mark the statement that applies, a was the owner of record of the, I am liable for paying real, Note, If I have not received this, Mark the statement that applies, a In I am or will be years of, Tax ID number Date of, Deceased spouses name, The property identified in Part, and assessment freeze homestead is paramount in this stage - make sure you don't rush and be mindful with each blank area!

A way to fill in ptax 340 form 2021 portion 4

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ZIP, My spouse is included if he or she, and City in ptax 340 form 2021

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