The Returning Veterans’ Homestead Exemption (35 ILCS 200/15-167) provides a $5,000 reduction in the equalized assessed value (EAV of the veterans principal residence for two consecutive assessment (tax) years, the tax year and the following 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 on form PTAX-341 for documents necessary to qualify.
The SHEVD (35 ILCS 200/15-169) provides an annual reduction in the equalized assessed value (EAV) of a primary residence occupied by a veteran with a disability, or the veteran’s surviving spouse, on January 1 of the assessment year. The SHEVD amount depends on the percentage of the service-connected disability as certified by the U.S. Department of Veterans’ Affairs. If the veteran has a service-connected disability of 30% or more but less than 50%, then the annual exemption is $2,500; if the veteran has a service-connected disability of 50% or more but less than 70%, then the annual exemption is $5,000; and if the veteran has a service- connected disability of 70% or more, then the residential property is exempt from taxation under this Code. See instructions on the form PTAX- 342 for eligibility requirements.