A new law in Illinois is increasing relief of property tax for disabled Illinois military Veterans. The law expands eligibility for the Disabled Veterans’ Homestead Exemption for the United States Department of Veterans Affairs certified service-connected disabilities of 30 percent or more.
Under the new law, Veterans with disabilities between 30 to 49 percent will be entitled to a $2,500 annual exemption. Those with disabilities of 50 to 69 percent will be eligible for a $5,000 annual exemption and those who are 70 percent or more will be exempt from paying property taxes. Disabled Veterans will see these savings when they pay their property taxes in 2016.
To summarize: Veterans rated 30 to 49 percent get a $2500 exemption on the assessed value of their property.
Veterans rated 50 to 69 percent get a $5,000 exemption on the assessed value of their property.
Veterans rated 70 percent or more will pay no property taxes.
Yes, I said 70 percent or more will pay no property taxes.
This law becomes effective with the first payment in 2016.
This benefit only applies to your primary residence.
You need to fi le by Dec. 1, 2015.
You must apply to your County Assessor’s Off ice If you were receiving Property Tax Relief under the old system your name should be moved forward into the new system. To be sure though you should check. Take the disability rating letter you received from the VA to the Assessor’s office to start the process moving forward. You will have to confirm every April that your status has not changed.
If you can’t find your disability rating letter where can you go to get one? There are two ways to get the document. Go to www.ebenefits.va.gov sign up and you can get a copy of your disability rating document. That is the way I got mine.
The second method is to go to a Veteran Service Officer and they can get the letter for you. The Veteran Service Officers I recommend are at the Illinois Department of Veterans Affairs, The American Legion Service Office and the VFW Service Off ice.
As always, I am available to answer any questions you may have.
