Medindia

X

Change in Laws Provide Tax Exemption for Veterans With Disabilities in Illinois, US

by Reshma Anand on  September 10, 2015 at 2:51 PM General Health News   - G J E 4
People with disabilities will get a huge tax relief after a set of bills has been passed in Illinois. Changes were made to the Specially Adapted Housing Exemption for Veterans with Disabilities, Property Tax Codes, and the Standard Homestead Exemption for Veterans with Disabilities.
Change in Laws Provide Tax Exemption for Veterans With Disabilities in Illinois, US
Change in Laws Provide Tax Exemption for Veterans With Disabilities in Illinois, US
Advertisement

The Specially Adapted Housing Exemption for Veterans with Disabilities was increased with a reduction in value assessments for housing adapted for people with disabilities up to $100,000. Veterans and their spouses who qualified for the exemption in 2014 will receive the additional property tax relief for 2015.

Advertisement
Veterans and their families who qualify for housing benefits on their mobile homes will continue to be fully exempt from the full amount of the Mobile Homes Local Services Tax Act.

A change in the Property Tax Code provides tax breaks to veterans and people with disabilities who make accessibility improvements to their residences. Improvements can include: ramps, grab bars, widening doorways and other accessibility improvements to enhance the independence of individuals with disabilities. Due to the change, the improvements will not increase property assessments for seven years after installation.

The Standard Homestead Exemption for Veterans with Disabilities will increase exemption benefits for veterans with service-connected disabilities of at least 30 percent or greater. Those with between 30 and 50 percent disability will receive a $2,500 annual reduction in their assessed property value. Those with between 50 and 70 percent disability will receive a $5,000 annual reduction, and those with higher than 70 percent will be exempt from paying property taxes.

Surviving spouses of veterans killed in the line of duty after Jan. 1, 2015, will be able to receive property tax exemption. By law, veterans with disabilities can claim only one of these exemptions in a single tax year. Veterans or surviving spouses are required to file for the property tax relief each year.



Source: Medindia
Advertisement

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
Notify me when reply is posted I agree to the terms and conditions

You May Also Like