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Blank Illinois Ptax 340 PDF Form

The Illinois PTAX-340 form is the application for the Senior Citizens Assessment Freeze Homestead Exemption. This exemption allows qualifying seniors to keep their property’s assessed value at a fixed amount, preventing increases due to inflation. If you believe you qualify, take the first step by filling out the form below.

Article Guide

The Illinois PTAX-340 form serves as a crucial application for the Senior Citizens Assessment Freeze Homestead Exemption, a benefit designed to assist eligible seniors in managing their property tax burdens. This form is essential for those looking to "freeze" their home’s equalized assessed value (EAV) at a base year amount, effectively shielding them from increases due to inflation. To qualify, applicants must be 65 years or older, have a total household income of $65,000 or less, and must have used the property as their principal residence during the specified time frame. The application process requires detailed information, including personal details, property specifics, and a comprehensive account of household income for the previous year. Additionally, the form includes an affidavit section where applicants affirm their eligibility and provide necessary declarations regarding their property and household. Understanding the nuances of this form is vital for seniors seeking financial relief, as it not only outlines eligibility criteria but also emphasizes the importance of timely submission to ensure benefits are received in a timely manner.

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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)

➤ PDF File

Form Specifications

Fact Name	Details
Purpose	The PTAX-340 form is used to apply for the Senior Citizens Assessment Freeze Homestead Exemption in Illinois.
Eligibility Age	Applicants must be 65 years of age or older during the year of application.
Income Limit	The total household income must be $65,000 or less for the year 2020 to qualify for the exemption.
Application Deadline	Applications must be submitted by the last date specified on the form to be considered for the exemption.
Governing Law	The exemption is governed by the Illinois Property Tax Code, specifically 35 ILCS 200/15-172.
Principal Residence Requirement	The property for which the exemption is applied must be the applicant's principal residence on January 1 of the applicable year.
Previous Exemption	Applicants must indicate if they or their spouse have previously received the exemption for the same property.
Filing Requirement	Form PTAX-340 must be filed every year to maintain eligibility for the exemption.
Confidentiality	All information provided in the application is confidential and used solely for official purposes.

Illinois Ptax 340: Usage Guidelines

To complete the Illinois PTAX-340 form, follow these steps carefully. Ensure all information is accurate and complete to avoid delays in processing. After filling out the form, it must be submitted to the Chief County Assessment Officer (CCAO) by the specified deadline.

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: Input 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: State the street address of the property for which you are applying.
Line 2: Provide the property index number (PIN) as shown on your property tax bill.
Line 3: Indicate whether you or your spouse have previously received this exemption for this property.
Line 4: If applicable, state whether your spouse has applied for this exemption at a separate residence.

Part 3: Household Income for 2020

Complete each line from 1 to 10 with the relevant income amounts for you, your spouse, and all other household members.
Line 11: Add the amounts from Lines 1 through 10.
Line 12: Enter any allowable subtractions from your total income.
Line 13: Subtract Line 12 from Line 11 to find your total household income for 2020.

Part 4: Affidavit

Mark the statement that applies to you in Lines 1 through 4.
Line 7: List the names and Tax ID numbers of individuals who used the property as their principal residence.
Line 8: Indicate your marital status and provide your spouse’s information if applicable.
Sign and date the affidavit at the bottom of the form.

After completing the form, ensure it is signed. Mail the PTAX-340 form to the address provided at the bottom of the document. If questions arise during the process, contact your local Chief County Assessment Officer for assistance.

Your Questions, Answered

What is the Illinois PTAX-340 form?

The Illinois PTAX-340 form is the application for the Senior Citizens Assessment Freeze Homestead Exemption. This exemption allows eligible senior citizens to freeze the equalized assessed value (EAV) of their home, preventing increases in property taxes due to inflation. By applying, seniors can potentially save money on their property tax bills, as their home's assessed value remains at a base year level.

Who is eligible to apply for the PTAX-340 exemption?

To qualify for the PTAX-340 exemption, applicants must meet several criteria. They must be 65 years of age or older during the applicable tax year. Additionally, their total household income for the previous year must be $65,000 or less. The property must be used as their principal residence, and they must be the owner or have a legal interest in the property. Surviving spouses of eligible individuals may also qualify even if they are not yet 65.

What types of income are considered when applying?

When completing the PTAX-340 form, applicants must include all sources of income from themselves, their spouse, and any other individuals living in the household. This includes wages, Social Security benefits, pensions, rental income, and various forms of public assistance. However, certain types of income, such as cash gifts and child support payments, are not included in the calculation.

How do I complete the PTAX-340 form?

The form is divided into several parts. In Part 1, you provide your personal information. Part 2 requires details about the property for which you are applying. In Part 3, you will list your household income. Finally, Part 4 is an affidavit where you affirm that the information provided is accurate. It’s important to read the instructions carefully and ensure all sections are completed accurately to avoid delays in processing.

When is the deadline to submit the PTAX-340 form?

The deadline to apply for the Senior Citizens Assessment Freeze Homestead Exemption is typically set by the Chief County Assessment Officer (CCAO). It is crucial to submit the completed PTAX-340 form by this deadline to ensure eligibility for the exemption. Check the specific date printed on the form or contact your local CCAO for confirmation.

Will my information be kept confidential?

Yes, the information you provide on the PTAX-340 form is confidential. It is used solely for official purposes related to the assessment freeze exemption. This means that your personal and financial information will not be shared publicly and will be protected under privacy regulations.

What should I do if I need help with the application?

If you have questions or need assistance while completing the PTAX-340 form, you should reach out to your Chief County Assessment Officer. They can provide guidance on the application process and clarify any specific requirements. Contact information for the CCAO is typically listed on the form, making it easy to find the help you need.

Common mistakes

Incomplete Information: Many applicants fail to fill out all required fields. Missing information can lead to delays or rejection of the application.
Incorrect Income Reporting: Some individuals mistakenly report their income incorrectly. It's essential to include all sources of household income and ensure they are accurately calculated.
Failure to Include Spouse’s Income: If married, applicants often forget to include their spouse's income in the total household income, which can disqualify them from the exemption.
Omitting the Property Index Number (PIN): Not providing the correct Property Index Number can cause the application to be processed incorrectly. This number is crucial for identifying the property in question.
Neglecting to Sign the Affidavit: Some applicants forget to sign the affidavit section. A missing signature can invalidate the application.
Missing the Deadline: Applicants often overlook the application deadline. Submitting the form late can result in losing the exemption for that tax year.

Documents used along the form

The Illinois PTAX-340 form is a critical document for seniors seeking property tax exemptions. However, several other forms and documents often accompany this application to provide necessary information and verify eligibility. Below is a list of these documents, each serving a specific purpose in the application process.

Proof of Age Documentation: This document verifies that the applicant is at least 65 years old. Acceptable forms include a birth certificate or a government-issued ID that displays the date of birth.
Income Verification Documents: These may include tax returns, W-2 forms, or Social Security statements. They are essential for demonstrating that the applicant’s total household income does not exceed the threshold for the exemption.
Property Tax Bill: A current property tax bill is often required to confirm ownership and assess the property’s value. This document typically includes the property index number (PIN) and other relevant details.
Legal Description of Property: If the property index number cannot be obtained, a legal description of the property may be submitted. This document provides a detailed description of the property’s boundaries and location.
Affidavit of Eligibility: This sworn statement affirms that the applicant meets all eligibility requirements for the exemption. It may include details about the applicant's residency status and property ownership.
Spousal Information Form: If applicable, this form provides details about the applicant's spouse, including their income and residency status. It is crucial for assessing the household income as a whole.
Assisted Living or Nursing Home Documentation: For seniors residing in assisted living or nursing homes, documentation from the facility may be required. This verifies residency and supports the exemption claim.
Additional Income Statements: Any other income sources that contribute to household income should be documented. This includes annuities, pensions, or any governmental assistance received.
Application Cover Letter: A cover letter can accompany the application, summarizing the applicant’s situation and listing the enclosed documents. While not mandatory, it can help clarify the application for the reviewing authority.

Collecting and submitting these documents along with the PTAX-340 form is essential for a successful application. Each piece of documentation plays a vital role in verifying eligibility and ensuring that applicants receive the benefits they are entitled to under the law.

Similar forms

Illinois PTAX-340 Form: This form is specifically for applying for the Senior Citizens Assessment Freeze Homestead Exemption. It requires personal and property information along with household income details, similar to other exemption applications.
Illinois PTAX-300 Form: Like the PTAX-340, this form is used for property tax exemptions. It focuses on general homestead exemptions and also requires applicant and property details, making it a parallel document in purpose and structure.
Illinois PTAX-310 Form: This document is for the Disabled Persons Homestead Exemption. It shares similarities with the PTAX-340 in that both require income verification and specific eligibility criteria related to the applicant's status.
Illinois PTAX-340-R Form: This is a renewal form for the Senior Citizens Assessment Freeze. It mirrors the PTAX-340 in terms of information required but is specifically designed for those who are renewing their exemption.
Illinois PTAX-250 Form: This form is for the General Homestead Exemption. It shares a common goal of reducing property taxes and requires similar details about the applicant and the property, making it comparable to the PTAX-340.

Dos and Don'ts

When filling out the Illinois PTAX-340 form, attention to detail is crucial. Here’s a list of ten things to keep in mind to ensure a smooth application process.

Do: Type or print clearly in the application. Ensure that all information is legible to avoid processing delays.
Do: Include your spouse's income if applicable. Remember, all household income must be reported.
Do: Double-check your property address and parcel index number (PIN). Accuracy is vital for property identification.
Do: Mark the appropriate boxes clearly. This helps in determining your eligibility for the exemption.
Do: Submit your application before the deadline. Late submissions may result in disqualification.

Don't: Leave any sections blank. Incomplete forms can lead to delays or rejection of your application.
Don't: Forget to sign the affidavit. Your signature is necessary to validate the information provided.
Don't: Include income that is not relevant. Only report income that qualifies under the guidelines.
Don't: Use pencil or illegible ink. Stick to blue or black ink for clarity and permanence.
Don't: Assume previous applications are sufficient. You must file a new application each year to maintain eligibility.

Misconceptions

Here are nine misconceptions about the Illinois PTAX 340 form, which is used for the Senior Citizens Assessment Freeze Homestead Exemption:

Only homeowners can apply for the exemption. Many believe that only homeowners qualify. In fact, residents of cooperative apartments or those with a leasehold interest can also apply.
You can apply anytime during the year. Some think they can submit the form whenever they want. The application has a strict deadline, typically set for a specific date each year.
Income from all sources counts towards the household income. While many types of income are included, certain sources like cash gifts and child support are excluded.
Once approved, you do not need to reapply. It's a common misconception that approval is permanent. You must file the PTAX 340 form every year to maintain your exemption.
The exemption freezes property taxes. Some believe that the exemption stops property taxes from increasing. It only freezes the assessed value of the property, not the tax amount itself.
Only individuals aged 65 and older can apply. While age is a requirement, surviving spouses of those who would have qualified can also apply, even if they are under 65.
All income must be reported exactly as it appears on tax forms. This is misleading. The form allows for certain adjustments and exclusions, so not all reported income is counted as household income.
Only the applicant's income is considered. This is incorrect. The income of all individuals living in the household, including spouses, must be included in the calculation.
Filing the form guarantees you will receive the exemption. Submission does not guarantee approval. The Chief County Assessment Officer may require additional documentation to verify eligibility.

Key takeaways

The PTAX-340 form is used to apply for the Senior Citizens Assessment Freeze Homestead Exemption in Illinois.
Applicants must complete the form accurately and submit it by the specified deadline.
Eligibility requires applicants to be 65 years or older during the application year.
Total household income must be $65,000 or less for the previous year to qualify.
The form requires detailed information about the applicant, property, and household income.
Household income includes income from all members living in the home, not just the applicant.
Income sources include wages, Social Security, pensions, and various public assistance benefits.
If the applicant or spouse has previously received the exemption, it must be indicated on the form.
Incomplete forms may lead to processing delays or penalties.
Once approved, the exemption freezes the property’s equalized assessed value, limiting future increases.