Veterans with service connected disabilities will now have their Disabled Veterans’ Standard Homestead Exemption follow them to a new residence, even if they move during the middle of the year under legislation co-sponsored by State Sen. Neil Anderson (Senate Bill 2306) and signed into law Aug. 14 by Gov. Bruce Rauner.
Previously, if a disabled veteran receiving tax relief through the homestead exemption moved in the middle of the year, then he or she would have been on the hook for paying the outstanding property taxes on their new residence until they reapplied for the exemption the next year.
“It was frustrating to learn that some of our wounded veterans were getting sticker shock, receiving a higher than expected property tax bill because they lost their homestead exemption when they moved,” Anderson said. “Our wounded heroes gave of themselves, fighting for our country and for freedom around the world. Offering them a year-round homestead exemption no matter when they move is something they more than deserve.”
Under the new law, the homestead exemption for veterans with disabilities will now be prorated if the veteran who qualifies for the exemption does not occupy the qualified residence as of January 1 of the taxable year.
The Disabled Veterans' Standard Homestead Exemption provides a reduction in a property's Equalized Assessed Value to a qualifying property owned by a veteran with a service-connected disability.
To apply for this exemption, veterans must contact or visit their local County Assessor's Office.