More Illinois veterans and disabled persons will be eligible for property tax relief as part a new law, passed in October, 2007.
Starting with 2007 property tax bills (payable in 2008) the following NEW tax exemptions will be available to qualifying homeowners:
The RETURNING VETERANS Homestead Exemption, affords a one time $5,000 reduction of a property’s “Equalized Assessed Value” (EAV) to veterans returning to Illinois from active duty in an armed conflict involving the armed forces of the United States.
The DISABLED PERSONS Homestead Exemption, affords a $2,000 reduction in EAV to qualifying property owned by a disabled person. The exemption may be taken every year, provided an annual application is filed with the County.
The DISABLED VETEREANS’ STANDARD Homestead Exemption will also reduce EAV to qualifying properties owned by vetereans who suffered service connected disabilities (certified by the US Department of Veterans’ Affairs) and for which annaial applications are filed with the County. Veterans with disabilities rated above 75% may received a $5,000 reduction of EAV. Disabilities between 50% and 75% qualify for a $2,500 reduction.
The previously enacted DISABLED VETERANS HOMESTEAD EXEMPTION that provides up to $70,000 EAV reduction for federally approved specially adapted hosing is still available through local VA offices.
The only bad news is that a person can only claim one of these special expemtions for Disability per year.