Changes to Property Tax Exemptions for Military Veterans and Other Exemption News
Deadline to Apply for Exemptions:
Lake County has set the deadline to apply for all exemptions on July 31, 2024. This includes the Senior Homestead Exemption and the Low-Income Senior Citizen Assessment Freeze. If you are over 65 years old, you can qualify for these exemptions.
All applications must be submitted online through the Lake County Smartfile E-Filing Portal (link below). You can receive assistance by calling or visiting the Lake Villa Assessor’s Office contact information below. For all exemptions, it must be your primary residence.
Changes to the Standard Homestead Exemption for Veterans with Disabilities (SHEVD)
Recent Changes:
· Veterans with a combined service-connected disability (SCD) rating of 100% and deemed to be permanently and totally disabled are no longer required to re-apply.
· A disabled veteran with a 70% or higher SCD will be 100% tax exempt up to 250,000 in equalized assessed value (EAV). Previously if the EAV was greater than 250,000 then the exemption would not apply.
· Veterans of World War II can be is exempt from taxation regardless of the veteran's level of disability status, and their surviving spouse is eligible to apply
· Surviving Spouse: An un-remarried surviving spouse of a disabled veteran or veteran of World War II can continue to receive the SHEVD exemption on his or her spouse's homestead property or transfer the exemption to a new primary residence.
SHEDV Benefits:
This exemption provides a reduction in equalized assessed value of a primary residence occupied by a veteran with a disability, or the veteran's surviving spouse. A disabled veteran with a 70% or higher SCD will be 100% tax exempt up to 250,000 in equalized assessed value (EAV).
· A disabled veteran with at least 50% SCD, but less than 70% will receive a $5,000 reduction in the property's EAV.
· A disabled veteran with at least 30% SCD, but less than 50% will receive a $2,500 reduction in property's EAV.
Disabled Veterans Exemption (Adaptive Housing)
The equalized assessed value can be reduced up to $100,000 for a home owned by a qualifying veteran, or the veteran's spouse, or unmarried surviving spouses. The disability of such nature that the Federal Government has authorized payment for the purchase or construction of housing which has special adaptations to meet the needs of your disability.
Returning Veterans Exemption
This exemption lowers the equalized assessed value of the veteran’s principal residence by $5,000 for up to two consecutive assessment (tax) years. This would include the tax year and the following year that the veteran returns from active duty in an armed conflict involving the armed forces of the United States.
Jeffrey A. Lee
Lake Villa Township Assessor
37850 N. IL Route 59
Lake Villa, IL 60046
847-356-2383 Assessor@LakeVillaAssessor.org
Lake County Website www.tax.LakeCountyIL.gov
Smartfile online applications https://lakecountyilpaefile.tylertech.com/lake_il_sf
Exemption information www.lakecountyil.gov/156/Tax-Relief
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