This annual exemption reduces the Equalized Assessed Value (EAV) of a disabled veteran's home, likely lowering the total tax bill. A disabled veteran at least.Illinois veterans and persons with disabilities may be eligible for tax relief through the property tax homestead exemptions and mobile home exemptions. Link to obtain further information about the various exemptions that are offered, the documents and filing process required for each exemption to be claimed. Applicants must file a Form PTAX-341, Application for Returning Veterans' Homestead Exemption, with the Chief County Assessment Office. In order to qualify for the Illinois veteran property tax exemption, you must meet certain criteria to be eligible for the form PTAX342. You may file up to 4 exemptions. The Cook County Assessor's Office mails applications to homeowners who may qualify for this exemption. The exemption reduces the Equalized Assessed Value (EAV) on a disabled veteran's primary residence. PTAX-342 Application for Standard Homestead Exemption for Veterans with Disabilities (SHEVD).