New Property Tax Exemptions Now Available

More Illinois veterans and disabled persons will be eligible for property tax relief as a result of legislation that was recently passed into law.   Public Act 95-0644 creates three new homestead exemptions for Illinois’ disabled citizens and qualifying veterans effective for the 2007 year, taxes payable in 2008. 

The new Returning Veterans’ Homestead Exemption provides a one-time $5,000 reduction in a property’s equalized assessed value (EAV) to qualifying veterans who return from active duty in an armed conflict involving the armed forces of the United States.  To receive this exemption, the veteran must file an application upon their return home with the Chief County Assessment Office.

The new Disabled Persons’ Homestead Exemption provides a $2,000 reduction in a property’s EAV for a qualifying property owned by a permanently disabled person.  Proof of disability is required.  A disabled person must file an annual application with the Chief County Assessment Office to continue to receive this exemption. 

The new Disabled Veterans’ Standard Homestead Exemption provides a reduction in a property’s EAV for a qualifying property owned by a veteran with a service-connected disability certified by the U. S. Department of Veterans’ Affairs.  A $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 50% but less than 75% or a $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 75%. A disabled veteran must file an annual application to continue to receive this exemption.

The current Disabled Veterans’ Homestead Exemption that provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing will continue to be available through the local Veterans’ Affairs Office.

A disabled person’s or disabled veteran’s property can receive only one of the disabled exemptions each year: 

DeKalb County has extended the due date to file applications for the three new exemptions until February 28, 2008 for the 2007 tax year only.

Applications and qualifications for the exemptions are available at www.dekalbcounty.org under News Releases, Assessor’s Office or in the Chief County Assessment Office, Administration Building, 110 E. Sycamore St., Sycamore, IL 60178.   If you have any questions concerning these homestead exemptions call 815-895-7120.  Office hours are Monday through Friday from 8:30 a.m. to 4:30 p.m.

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