Lake County residents whose property was damaged from the historic floods of July 2017 may be eligible for a Natural Disaster Income Tax Credit thanks to a new law from Senator Melinda Bush.

This income tax credit is 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 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
  • Certain business properties can apply for this credit (details listed on the certificate)
  • Only losses related to qualified real property can be considered for this tax credit
  • Properties that received or will receive a Natural Disaster Homestead Exemption for property taxes do not qualify for this credit

Items a property owner will need to provide to a Township Assessor or the County Assessor as a part of the certification process:

  • 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 your local Township 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
  • Complete Sections 3 and 4 of the Natural Disaster Income Tax Credit Certificate (if the credit is approved)

The County Assessor will transmit the data from the completed certificates to the Illinois Department of Revenue.

If a property owner has questions on the income tax credit, they can call the Illinois Department of Revenue at 1-800-732-8866 or visit their website at tax.illinois.gov.

Forms:

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