Disaster Area Reassessment / Natural Disaster Homestead Exemption

How it works

Lake County’s Chief County Assessment Office administers two disaster-related property tax relief options for homeowners.

• Disaster Area Reassessment: if the county is declared a major disaster area by the President of the United States or the Governor of Illinois, and a property in the county was substantially damaged by the disaster, the owner may apply for a reassessment.
• Natural Disaster Homestead Exemption: for a rebuilt homestead property following a natural disaster occurring in taxable year 2012 or any later taxable year.

What the money covers

These are property-tax relief measures rather than direct repair grants.

• Reassessment can reduce the assessed value after disaster damage.
• The Natural Disaster Homestead Exemption reduces equalized assessed value (EAV) for the rebuilt residence.

Amounts and matching

• No fixed dollar amount is stated for the reassessment.
• For the Natural Disaster Homestead Exemption, the exemption amount is the reduction in EAV of the residence in the first taxable year for which the taxpayer applies minus the EAV of the residence for the taxable year before the disaster.
• The exemption continues at the same amount until the property is sold or transferred.

How to apply

• Disaster Area Reassessment applications should be submitted to the Chief County Assessment Office.
• The county says homeowners may email a completed application for a quicker response.
• Natural Disaster Homestead Exemption applications are also submitted to the Chief County Assessment Office.

Timing and deadlines

• The county page does not state a filing deadline.
• For the Natural Disaster Homestead Exemption, the rebuilt structure must be rebuilt within 2 years after the natural disaster.
• The exemption applies only to taxable year 2012 or later disasters.