Illinois has a program called the Returning Veterans’ Homestead Exemption, which gives veterans a one-time $5,000 reduction to the assessment of their home, according to the state’s website. Qualifying veterans who have returned from active duty in an armed conflict can apply for the benefit.
Disabled veterans can get additional Homestead exemptions that lower a home’s assessed value. Veterans who have been injured in the line of duty are eligible for a reduction of at least $2,500. The amount goes up, depending on the extent of the disability. Veterans with a service-connected disability of at least 70%, as determined by the state, are exempt from paying property taxes on their primary residence, according to the state. Note: There is no income threshold for the exemption. Learn more at https://www2.illinois.gov/…/bene…/Pages/real-estate.aspx
If you know of a veteran who owns a home, this might be of interest to them. Please share this post.
Sharon is a Military Relocation Professional. She helps active-duty military and veterans take advantage of their housing benefits. You can reach her at 847-370-9131.