Gov. Blagojevich reminds Cook County Veterans to file for new real estate tax exemptions before June 30th deadline

 

CHICAGO - As homeowners throughout the country continue to struggle with rising consumer prices and taxes, Governor Rod R. Blagojevich today reminded Cook County's military heroes that additional property tax relief is available if they file for it at their local County Assessor's office before the June 30^th deadline.  The 2007 homestead legislation created two new real estate exemptions helping more Illinois Veterans with their property taxes. 

 

"Our Veterans defended this country to ensure that we as Americans can live out our dreams.  We must ensure they can afford to stay in their home that they so bravely secured," said Gov. Blagojevich.  "These new tax exemptions will help alleviate some of the property tax pressures facing our Veterans.  I urge all Veterans living in Cook County to file for the new exemptions before the deadline at the end of the month - don't miss out on receiving help that you have rightfully earned."

 

Cook County Assessor James Houlihan urged qualified Veterans to take advantage of the program.

 

"This is a good way to help our Veterans make ends meet in these financially tightening times," said Houlihan. "It's my belief that no one should pay more than their fair share of taxes and it's important that people take advantage of programs like these especially in these times."

 

Because property taxes are filed at the county level, deadlines for the homestead exemptions vary throughout the state.  Cook County Veterans should visit their nearest Cook County Assessor's office to apply for these exemptions:

 

 

The 2007 homestead legislation created two new exemptions for Veterans that took effect for the 2007 tax year (real estate taxes payable in 2008):

 

·        The Returning Veterans' Homestead Exemption provides qualifying Veterans a one-time $5,000 reduction to their home's equalized assessed value (EAV).  Qualifying Veterans who return from active duty in an armed conflict involving the U.S. armed forces can file an application upon their return home to receive this exemption.  The exemption is for one year only but Veterans may receive the exemption each year they return from active duty.

 

·        The new Disabled Veterans' Standard Homestead Exemption provides a reduction in a property's EAV to a qualifying property owned by a Veteran with a service-connected disability certified by the U. S. Department of Veterans' Affairs.  A $2,500 homestead exemption is available to a Veteran with a service-connected disability of at least 50% but less than 75% or a $5,000 homestead exemption is available to a Veteran with a service connected disability of at least 75%.  A disabled Veteran must file an annual application by the county's due date to continue to receive this exemption.

 

In addition to the two new exemptions, the state also offers the Disabled Veterans' Homestead Exemption that provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing, which will continue to be available through the statewide, county Veterans' Service Offices.  A disabled person's or disabled Veteran's property can receive only one of the following exemptions each year: Disabled Veterans' Exemption, Disabled Persons' Homestead Exemption or the Disabled Veterans' Standard Homestead Exemption.

 

For more information about the new property tax exemptions for Veterans, go to the Department of Revenue's Web site, www.tax.illinois.gov, and visit the "New Property Tax Relief" news bulletin.