The Returning Veterans’ Homestead Exemption (35ILCS 200/15-167) provides a one-time $5000 reduction in the equalized assessed value (EAV) of the veterans' principal residence for the taxable year that the veteran returns from active duty in an armed conflict involving the armed forces of the United States. The veteran must own and occupy the property on January 1st of the assessment year as his or her principal residence.To qualify you must also be an Illinois resident who has served as a member of the United States Armed Forces, Illinois National Guard, or U.S. Reserve Forces. You must also have returned from active duty in an armed conflict involving the armed forces of the U.S. To qualify you must own or have a legal or equitable interest in the land on which a single family residence is situated and used as your principal place of residence on January 1st of the assessment year. You must also be liable for the property taxes. Documentation will be required to verify eligibility. See instructions for documents necessary to qualify.
This exemption provides an annual reduction in the equalized assessed value of a primary residence occupied by a disabled veteran on January 1st of the assessment year. The exemption amount depends on the percentage of the service-connected as certified by the U.S. Department of Veterans’ Affairs. A disabled veteran with at least a 75% service-connected disability will receive a $5000 reduction in a property’s EAV. A disabled veteran with at least 50%, but less than 75% service –connected disability will receive a $2500 reduction in a property’s EAV.See instructions on the form for eligibility requirements.