New Bill Gives Tax Relief to Disabled Veterans

Senate Bill 107, supported by Representative Avery Bourne (R-Raymond), was recently signed into law to give the disabled, and specifically disabled veterans, greater freedom and mobility.  The bill establishes that improvements to a residential property for the purpose of accessibility shall not increase the assessed valuation of the property due to the improvements.
 
"This legislation helps homeowners, who are disabled, make modifications to their homes to make life a little easier," stated Representative Bourne.  These improvements include modifications or additions to make a property accessible to a disabled person, such as ramps, lifts, or removal of architectural barriers on the property.

Senate Bill 107 also dramatically expands upon the disabled veteran’s homestead exemption for substantial property tax relief.

Currently, disabled veterans are given exemptions with a sliding scale value based on the level of their Department of Veterans Affairs-certified disability. For veterans with a disability of at least 70%, the exemption is $5,000 and for veterans with a disability of at least 50% but less than 70%, the exemption is $2,500.  

 
The new law has created, for tax years 2015 (payable in 2016) and thereafter, a three-tiered system for determining the value of the disabled veterans homestead exemption:
· For veterans with a disability of at least 30% but less than 50%, the homestead exemption is $2,500.
· For veterans with a disability of at least 50% but less than 70%, the homestead exemption is $5,000.
· For veterans with a disability of 70% or more, the property is exempt from taxation.
 
Any further questions regarding these new tax exemptions can be directed to our office by phone at 217-324-5200 or in person at 301 N. Monroe St. in Litchfield.