A new law in Illinois is increasing relief of property tax for disabled Illinois military veterans. The law expands eligibility for the Disabled Veterans' Standard Homestead Exemption for 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 between 50 and 69 percent will be eligible for a $5,000 annual exemption; and those who are 70 percent disabled or more will be exempt from paying property taxes. Disabled veterans will see these savings when they pay their property taxes in 2016. For more information, visit the Illinois Revenue Property Tax--Exemptions webpage at http://tax.illinois.gov/LocalGovernment/PropertyTax/taxrelief.htm in the Disabled Veterans' Standard Homestead Exemption section.
For more on veteran benefits, visit the Military.com Benefits Center. For more tax season tips, visit the Military.com Tax section.
