The Illinois Returning Veterans Exemption (EVE) is a tax break for veterans who have served in the U.S. Armed Forces and are returning to Illinois to live. The exemption applies to homestead property—the home a veteran owns and lives in—and exempts a portion of the assessed value of the property from taxation. There are three types of Ives: the General Homestead Exemption, the Disabled Veterans Homestead Exemption, and the Veterans Homestead Extension. The General Homestead Exemption provides a $5,000 reduction in the assessed value of the veteran’s home, while the Disabled Veterans Homestead Exemption provides a $10,000 reduction. The Veterans Homestead Extension applies to veterans whose property has been assessed at an amount greater than $250,000, and allows them to receive a reduction in the assessed value of up to $20,000. The exemption is available to all veterans who have served in the U.S. Armed Forces and are living in Illinois.
Illinois Returning Veterans Exemption
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A new law in the Property Tax Code (35 ILCS 200/10-23) will provide a property tax break to veterans and persons with disabilities who make accessibility improvements to their residences.
Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.
The Home Improvement Exemption allows a homeowner to add improvements to their home that add to its value (for example, by increasing the building's square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years. No application is required.
Properties of religious, charitable, and educational organizations, as well as units of federal, state and local governments, are eligible for exemption from property taxes to the extent provided by law.
A Returning Veterans Exemption is for veterans returning from active duty in armed conflict. They are eligible to receive a $5,000 reduction in the equalized assessed value of their property only for each taxable year in which they return.
Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1957 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.
Senior Citizens Real Estate Tax Deferral Program allows persons 65 years of age and older, who have a total household income of less than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences.
You can get your property taxes lowered by proving that your house is worth less than the assessor says it is. To do this, you have to appeal to your local board of review. You can find contact information for your local board of review on the Illinois Property Tax Appeal Board website.