The Illinois 5. PTaX-342 Standard Homestead Exemption for Veterans with Disabilities is a property tax exemption program that provides a tax reduction for veterans in Illinois who are disabled as a result of service in the armed forces. The program is available to veterans who have been honorably discharged from the armed forces and have a disability rating of at least 30%. The amount of the exemption varies by county, but generally ranges from $2,500 to $5,000. There are two types of exemptions available: the Regular Homestead Exemption and the Additional Homestead Exemption. The Regular Homestead Exemption provides a reduction of up to $2,500 or 6% of the assessed value of the property, whichever is less. The Additional Homestead Exemption provides a reduction of up to $2,000 or 10% of the assessed value of the property, whichever is less. Both exemptions are available to veterans who meet the disability requirements.
Illinois 5. PTaX-342 Standard Homestead Exemption for Veterans with Disabilities
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