What Disabled Veterans Need to Know About New Property Tax Exemption
Gov. Bruce Rauner signed Senate Bill 107 on Aug. 16, 2015, which expands the Disabled Veterans Property Tax Exemptions in Illinois.
“We’re pleased that this legislation not only was signed into law but also passed through the General Assembly unanimously. It shows that our legislators recognize the hardships that veterans can face because of injuries they incurred as a result of their service to our country,” said Jacob Zimmerman, superintendent of the Kane County Veterans Assistance Commission.
Beginning in taxable year 2015, which is for the tax bill that is payable in year 2016, veterans with a service-connected disability rating of at least 30 percent can qualify for this exemption at the following levels:
- Veterans with a VA service-connected disability rating of 30 percent or 40 percent can receive an exemption that takes $2,500 off of their primary dwelling’s equalized assessed value.
- Veterans with a VA service-connected disability rating of 50 percent or 60 percent can receive an exemption that takes $5,000 off of their primary dwelling’s EAV.
- Veterans with a VA service-connected disability rating of 70 percent or greater can receive an exemption that makes all of their primary dwelling’s EAV exempt from property taxation.
The amount of the tax savings will depend on each property’s tax rate. For instance, a qualifying disabled veteran with a VA disability rating of 40 percent would qualify for a $2,500 exemption; at a 10 percent tax rate, this would result in $250 of property tax savings annually; this tax savings never needs to be repaid. To be eligible, the property must be the principal residence of the disabled veteran that is not used for commercial purposes, with an equalized assessed value of less than $250,000.
To be eligible, you must apply through the Kane County Assessment Office with a form that is available on their website. In addition to the form, you will also need to attach a current letter from the VA certifying your percentage of disability. If you do not have a current letter, you can schedule an appointment to obtain the letter by calling the Veterans Assistance Commission at 630-232-3550.
If it is your first time applying for the exemption you will also need to bring your DD-214. As of the end of the 2014 Federal Fiscal Year there were 24,787 veterans in Kane County with 391 of them being 30% or 40% disabled, 290 of them being 50 percent or 60 percent disabled, and 677 of them being 70 percent or more disabled.
Click the Public Act 099-0375 link to find detailed information on eligibility.
About the Kane County Veterans Assistance Commission
The Kane County Veterans Assistance Commission exists to help veterans access the benefits they earned for serving our great nation. Whether you are looking to apply for health care, dental insurance, disability compensation, home loan, GI Bill, or state benefits — the KCVAC office can help! Don’t try to navigate the benefits bureaucracy alone: Veterans Assistance Commission help is free! For more information, visit the Veterans Assistance Commission web page, “Like” the Kane County Veterans Assistance Commission Facebook page and sign up for the Veterans Assistance Commission newsletter.
SOURCE: Kane County Veterans Assistance newsletter
