The Illinois PTaX-341 application for Returning Veterans' Homestead Exemption is a form used by veterans who have recently returned from active duty military service to receive a tax exemption on their primary residence. This exemption is available for veterans who have served during a period of war, including World War II, the Korean War, the Vietnam War, the Persian Gulf War, and the War on Terror. The exemption is available to veterans, or their surviving spouse, who own and occupy a single-family home or town home as their principal residence in Illinois. There are two different types of applications for the Returning Veterans' Homestead Exemption: Form PTaX-341 and Form PTaX-341-RV. Form PTaX-341 is used by veterans who are applying for the exemption for the first time and Form PTaX-341-RV is used by veterans who are renewing their exemption. Both forms require information about the veteran, their military service, and their property, as well as a certification of residency in the state of Illinois.
Illinois PTaX-341 application for Returning Veterans' Homestead Exemption
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How to fill out Illinois PTaX-341 Application For Returning Veterans' Homestead Exemption?
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Veterans 70% or more disabled receive an EAV reduction of $250,000, and because of this can be totally exempt from property taxes on their home. The automatic renewal of this exemption due to the COVID-19 pandemic has ended. All applicants must reapply annually.
Returning Veterans' Homestead Exemption This exemption provides a $5,000 reduction in the EAV of a veteran's principal residence upon returning from active duty in an armed conflict involving the armed forces of the United States.
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.
A qualified veteran with a service-connected disability of at least 30% but less than 50% will receive a $2,500 reduction in EAV; if the veteran has a service-connected disability of 50% but less than 70%, the annual exemption is $5,000; and if the veteran has a service-connected disability of 70% or more, the
What is the Homestead Exemption in Illinois? The Illinois homestead exemption protects up to $15,000 of equity in your home. For example, if you own a home with an original mortgage of $100,000, and you now only owe $85,000, the $15,000 in equity will receive protection if you file.
Veterans 70% or more disabled receive an EAV reduction of $250,000, and because of this can be totally exempt from property taxes on their home. The automatic renewal of this exemption due to the COVID-19 pandemic has ended. All applicants must reapply annually.