Natural Disaster Income Tax Credit

The Illinois legislature has approved an income tax credit for qualified real property that was damaged as a result of the flood event in July 2017. No other events can be considered for this. This income tax credit can be obtained for up to $750, based upon information provided.

  • The property must be the principal residence of the owner.  If the property is leased, the owner is not eligible for this credit.
  • Only losses related to qualified real property can be considered for this tax credit; specifically damage to the structure of the residence.
  • Properties that received or will receive a Natural Disaster Homestead Exemption for property taxes do not qualify for this credit.

There are several items a property owner will need to provide to a Township Assessor or the County Assessor as a part of the certification process.  These documents can be found using the link at the below:

  • A property owner will need to complete a proforma IRS Form 4684, as well a Natural Disaster Income Tax Credit Certificate
  • Property owners will need to provide their Township Assessor or the County Assessor with proof of loss in the form of receipts, estimates, invoices, insurance claims or other validation to claim the income tax credit

Please bring completed forms and proof of loss documentation to the Lake Villa Assessor’s Office or the Chief County Assessment Office. The information will then be evaluated to:

  • Determine whether the property owner has already received a benefit with a Natural Disaster Homestead Exemption
  • Determine the amount of the credit to be received

Property owners will include these completed documents with their State income tax filing.

 

Should you have any questions please contact Alex Rossmann at the Warren Township Assessors Office. 

Phone: 847-244-1101 *209

Email: alex@warrentownship.net

 

http://www.lakecountyil.gov/4006/Natural-Disaster-Income-Tax-Credit 

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