IL Vet Tax Breaks

Gov. Bruce Rauner has signed into law a bill that would provide property tax breaks to severely wounded military veterans, as well as a handful of other measures affecting veterans, including a propeosal establishing a discount card.  

Senate Bill 107 provides a 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 disabilty 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 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 eligibilty of residential property to receive the levels of tax relief implemented under the new law.  

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