Are You an IL Disabled Veteran That
Owns Real Estate Property?
Last week, I had another opportunity to provide financing services for a home purchase made by one of America's most cherished assets ... a military veteran.
It's always a huge honor and distinct pleasure to assist one of our veterans in becoming a homeowner.
But this particular transaction was noteworthy, as my borrower was a disabled veteran and his home Refinance featured a little-known benefit available to disabled military veterans that buy or own property.
As a result of his having this often unknown and under-utilized benefit, my veteran's property tax bill/property tax due was ZERO dollars.
That's right ... ZERO ...
How was this possible for this disabled veteran?
An (annual) benefit offering property tax relief is available to:
- Disabled U.S. Veterans (over and above those benefits available to other Veterans)
- U.S. Veterans with a service-connected disability of at least 30% or greater, as certified by the U.S. Department of Veterans Affairs
The amount of exemption received is dependent on the severity of the veteran's disability, plus other factors, including the veteran's income. My borrower was a veteran that sustained a 70% (or over) disability, so he received the highest exemption available ... and subsequently, a ZERO property tax bill/tax due at the time of his Closing.
The current breakdown for the Disabled Veteran's Property Tax Exemption in the State of Illinois is:
- 30% - 49% Disability: Disabled Veteran receives $2500 EAV (Equalized Assessed Value) reduction
- 50% - 69% Disability: Disabled Veteran received $5000 Equalized Assessed Value reduction
- *70% or More Disability: Disabled Veteran is exempted from property taxation in its entirety
It's important for IL Disabled Veterans to know:
- Once received, Disabled Veterans are required to re-file for this property tax relief each year, as this exemption is provided annually
- Surviving Spouses of Veterans killed in the line of duty are eligible for additional property tax relief. Tax relief received will assist families in maintaining their home. Surviving Spouses of Veterans killed in the line of duty on January 1, 2015, and after, can receive a total exemption from property taxes
Also Important: Other property/assessment benefits exist and are available for veterans with disabilities, but it must be noted that only one exemption per year can be claimed on a primary resident.
Also of Note:
- Under this federal program, state law allows towns to completely exempt property taxes from lands or homes acquired and then modified to accommodate a Veteran's special needs (as of October 1st, 1998).
- This action requires a vote by the town's legislative body
- Towns may also increase the amount of exemption given when the value of a Veteran-owned property is re-evaluated
So if you're a Disabled IL Veteran, please do not hesitate to inquire, ask questions, and pursue all benefits due you as a disabled veteran. Local municipalities and townships ... plus IL Veteran Organizations ... may also have resources to assist you.
The links below can also be of help when you begin your search for information on this real estate property tax exemption and other exemption filings:
- Consent to Release Information
- Application for Disabled Veterans' Standard Homestead Exemption
- Annual Verification of Eligibility for Disabled Veterans
- Application and Affidavit for Veterans Organization Assessment Freeze
- Returning Veterans' Homestead Exemption
For Disabled Veterans living in Will County, buying or Refinancing a property within Will County/Chicagoland/IL, and hoping to secure a real estate property tax exemption, I highly recommend that you work with:
- A Lender experienced and knowledgeable in assisting Veterans/Disabled Veterans
- An experienced and knowledge Real Estate Agent
- The property location's local Township Assessor. (If living or buying property elsewhere in Illinois, start with the IL Department of Veterans Affairs)
Once again I emphasize the importance of: Filing your Disabled Veteran Property Tax Exemption annually and in a timely manner.
Feel free to reach out to me should you have any questions regarding the above or any other home financing needs or concerns. Thank you again for your service to our Country.
* Hoping to Buy or Refinance a Home in New Lenox, Will County, or elsewhere in the Chicagoland area, IL or WI?
I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed #216987
American Portfolio Mortgage Corp.
Cell or Text: 708.921.6331
Gene Mundt, Mortgage Originator, a Mortgage Originator with 40+ years of #mortgage experience, that will offer you exemplary mortgage service and advice when seeking: #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of #Chicago, #Cook County, and elsewhere within IL and Wisconsin.
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