In Illinois this year severely wounded U.S. military veterans are allowed a nice property tax break, with some vets even being completely exempt from taxes in 2016. While in effect since 2007, the new law applies to more disabled vets and provides greater tax savings than was the case in prior years. The information below is from the Illinois Department of Veterans Affairs.
Returning Veterans' Homestead Exemption
The Returning Veterans' Homestead Exemption provides qualifying veterans a one-time $5,000 reduction to their homes' equalized assessed value (EAV). Qualifying veterans who return from active duty in an armed conflict involving the U.S. armed forces can file an application upon their return home to receive this exemption. To apply for this exemption, please contact or visit your local County Assessor's Office.
Disabled Veterans' Standard Homestead Exemption
The Disabled Veterans' Standard Homestead Exemption provides a reduction in a property's EAV to a qualifying property owned by a veteran with a service-connected disability. Beginning in tax year 2015, a $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 30% but less than 50%; a $5,000 homestead exemption is available to a veteran with a service connected disability of at least 50% but less than 70%; veterans with a service-connected disability of at least 70% are exempt from paying property taxes on their primary residence. This exemption is available to the unmarried surviving spouse of a service connected veteran provided that the veteran was in receipt of the exemption prior to his/her death. Additionally, beginning in tax year 2015 and thereafter, the unmarried surviving spouse of a service member killed in the line of duty is exempt from paying property taxes on the primary residence. Once approved, qualifying veterans and surviving spouses must file an annual application by their counties' deadlines to continue to receive this exemption. To apply for this exemption, please contact or visit your local County Assessor's Office.
Specially Adapted Housing Tax Exemption
This exemption is allowed on the assessed value of real property for which federal funds have been used for the purchase or construction of specially adapted housing; the exemption is valid for as long as the veteran, the spouse, or the unmarried surviving spouse resides on the property. Federal and state financial assistance is provided for service-connected disabled veterans for the purpose of acquiring or remodeling suitable dwelling units with special fixtures or moveable facilities made necessary by the veteran's permanent and total service-connected disabilities as determined by the U.S. Department of Veterans' Affairs. For further information, please contact your local Veteran Service Officer.
Tax Exemption for Mobile Home
Veterans are exempt from the full amount of the mobile home tax. This exemption applies to the tax levied by each county to the owner of a mobile home that meet all of the following criteria: 1) Mobile home must be owned and used exclusively by a disabled veteran; 2) spouse or unmarried surviving spouse as their primary residence; 3) the disabled veteran must have been awarded the Specially Adapted Housing Grant by the U.S. Department of Veterans Affairs for a primary residence that they owned and resided in prior to purchase of the mobile home; 4) and the disabled veteran, spouse or unmarried surviving spouse must be a permanent resident of the State of Illinois on January 1 of the tax year for which the exemption is being claimed. Contact your county tax assessor's office or please contact your local Veteran Service Officer for further information.
PLEASE VISIT THE 'ILLINOIS DEPT. OF VETERANS AFFAIRS' WEBSITE FOR MORE INFORMATION:
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