New Property Tax Breaks for Severely Disabled Veterans in Illinois

Keelin Billue Gubbels Chicago Real Estate, Mortgage News, News

Illinois has a new law that provides property tax breaks to severely wounded military veterans.

Senate Bill 107 provides local property tax exemptions for homeowners who have a service-connected injury, with a disability of at least 30 percent.  The U.S. Department of Veterans Affairs certifies the percent of injury.

Veterans with a disability of 30 to 49 percent would receive a $2,500 annual exemption.  Veterans with disabilities of between 50 to 69 percent a $5,000 yearly exemption.  Wounded veterans with a service-connected disability of at least 70 percent would be exempted from all property tax payments.

Another part of the law provides tax breaks to veterans who make accessibility upgrades like adding wheelchair accessibility to their homes. These improvements wouldn’t increase the assessed valuation of the property for at least seven years.

SB 107 easily went through the Illinois House and Senate without opposition and both chambers voted for it unanimously.

Contact Chicago Financial Services to learn more, or read more here.