Riverside has opted out of a statewide program that would have allowed residents to freeze the property tax valuation of their homes, affecting the village’s levy for more than a decade.
The Property Tax Assessment Freeze Program is operated by the Illinois State Historic Preservation Office. It allows state residents who own the historic homes they live in to freeze the assessment of their property taxes for eight years while they make improvements to the home over the span of two years.
After the eighth year of the freeze, the property’s value is reassessed, and the valuation increases from the pre-freeze amount to the post-freeze amount over the course of four more years…