Veterans to receive prorated property tax exemptions
A new law has been passed that allows veterans to receive property tax exemptions even if they did not occupy their residence at the start of the year.
Senate Bill 2306, sponsored by State Senator Laura Murphy (D – Des Plaines), allows veterans who move into new residences after Jan. 1 to receive prorated exemptions based on the date of their occupation. Consistent with existing policy, disabled veterans can receive property tax exemptions in the amounts of $2,500, $5,000 or complete exemption from taxation, depending on their level of disability. Previously, if the veteran was not an occupant of the residence as of Jan. 1 of an applicable tax year, they were not entitled to any exemptions for that tax year.
The legislation passed through both chambers of the General Assembly with bipartisan support and is effective immediately.