Gov. Bruce Rauner has signed into a law a bill that would expand property tax breaks to severely wounded military veterans. Senate Bill 107 expands the existing multi-tiered set of exemptions from local property taxes for homeowners who have a service-connected injury, with a disability of at least 30 percent. Veterans with a disability of 30 to 49 percent, as certified by the U.S. Department of Veterans Affairs, would receive a $2,500 annual exemption. Those with disabilities of between 50 to 69 percent would qualify for a $5,000 yearly exemption. And qualified homes of wounded veterans with a service-connected disability of at least 70 percent would be exempted from all property tax payments.
The law mandates that taxpayers granted an exemption under the new law must re-apply on an annual basis. The assessors or chief assessment officers for the Illinois counties where applicants live will determine the eligibility of residential property to receive the levels of tax relief implemented under the new law. [Click here to read the remainder of this news article]
While the Disabled Veterans Exemption is not a new exemption, this recent legislation increases the amount of Disabled Veterans Exemption savings and expands eligibility for the Exemption. Although the new law has an immediate effective date, the changes to the Disabled Veterans Exemption will not go into effect until the next tax year (Tax Year 2015, which begins on January 1, 2016). The Cook County Assessor’s Office (CCAO) will have application forms ready for taxpayers beginning on January 1, 2016. These application forms will be made available on the CCAO website – http://www.cookcountyassessor.com/exemptions.aspx