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Tax Exemption for Disabled Vets in Illinois

Illinois Governor Bruce Rauner has signed Public Act 099-0375 into law, which expands the current Homestead Exemption for Veterans with Disabilities in Illinois. Under the new law, veterans may now qualify at the lower service connected percentage rate of 30%. To be eligible, the property must be the veteran's primary residence as of January 1, 2015, with an equalized assessed value of less than $250,000, and it cannot be used for commercial purposes. The veteran must apply through their county assessment office. Veterans who do not have a current VA award certificate can call the Department of Veterans Affairs (VA) at 1(800) 827-1000 or visit VA's eBenefits website at www.ebenefits.va.gov.

For more military tax guidelines and tips, visit the Military.com Tax section.

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Military Taxes Tax Preparation