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Do You Own Real Estate Property? Are You an IL Disabled Military Veteran?

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

 

Do You Own Real Estate Property?

Are You an IL Disabled Military Veteran?

 

Last week, I had another opportunity to provide financing services for a home purchase made by one of America's most cherished assets ... a military veteran.

 

It's always a huge honor and distinct pleasure to assist one of our veterans in becoming a homeowner.  


But this particular transaction was noteworthy, as my borrower was a disabled veteran and his home Refinance featured a little-known benefit available to disabled military veterans that buy or own property.  

As a result of his having filed for this often unknown and under-utilized benefit, my veteran's property tax bill/property tax due was ZERO dollars.  

That's right ... ZERO ... 

How was this possible for this disabled veteran?


An (annual) benefit offering property tax relief via an exemption is available to: 

  • Disabled U.S. Veterans (over and above those benefits available to other Veterans)
  • U.S. Veterans with a service-connected disability of at least 30% or greater, as certified by the U.S. Department of Veterans Affairs 


The amount of exemption received is dependent on the severity of the veteran's disability, plus other factors, including the veteran's income. My borrower was a veteran that sustained a *70% (or over) disability, so he received the highest exemption available ... and subsequently, a ZERO property tax bill/tax due at the time of his Closing.


The current breakdown for the Disabled Veteran's Property Tax Exemption in the State of Illinois is:

  • 30% - 49% Disability:  Disabled Veteran receives $2500 EAV (Equalized Assessed Value) reduction
  • 50% - 69% Disability:  Disabled Veteran received $5000 Equalized Assessed Value reduction
  • *70% or More Disability:  Disabled Veteran is exempted from property taxation in its entirety

It's important for IL Disabled Veterans to know:  

  • Once received, Disabled Veterans are required to re-file for this property tax relief each year, as this exemption is provided annually
  • Surviving Spouses of Veterans killed in the line of duty are eligible for additional property tax relief.  Tax relief received will assist families in maintaining their home.  Surviving Spouses of Veterans killed in the line of duty on January 1, 2015, and after, can receive a total exemption from property taxes       

Also Important:  Other property/assessment benefits exist and are available for veterans with disabilities, but it must be noted that only one exemption per year can be claimed on a primary resident.  

Also of Note:  
  • Under this federal program, state law allows towns to completely exempt property taxes from lands or homes acquired and then modified to accommodate a Veteran's special needs (as of October 1st, 1998).  
  • This action requires a vote by the town's legislative body 
  • Towns may also increase the amount of exemption given when the value of a Veteran-owned property is re-evaluated
 
 
So if you're a Disabled IL Veteran, please do not hesitate to inquire, ask questions, and pursue all benefits due you as a disabled veteran.  Local municipalities and townships ... plus IL Veteran Organizations ... may also have resources to assist you.

The links found below can also be of help when you begin your search for information on this real estate property tax exemption and other exemption filings:
 


For Disabled Veterans living in Will Countybuying or Refinancing a property within Will County/Chicagoland/IL, and hoping to secure a real estate property tax exemption, I highly recommend that you work with:


Once again I emphasize the importance of:  Filing your Disabled Veteran Property Tax Exemption annually and in a timely manner. 

Feel free to reach out to me should you have any questions regarding the above or any other home financing needs or concerns.  Thank you again for your service to our Country.
 


* Hoping to Buy or Refinance a Home in New Lenox, Will County, or elsewhere in the Chicagoland area, IL or WI? 


Contact me! 

I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf. 
I'm easily found at:



Gene Mundt

Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed #216987
 
American Portfolio Mortgage Corp.

NMLS #175656
 
 
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
 
 
 

 

 

 

 

 

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

Comments (11)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene this is excellent information to provide to our disabled Veterans.

Jul 09, 2018 04:51 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Agreed, George ... the exemption can help immensely ...
Gene
Jul 12, 2018 04:59 PM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, last month, we closed on a transaction where my seller client was a Disabled Veteran and never paid taxes on the property. I'm sure many don't know about this great benefit. Great post, well deserved feature.

Jul 09, 2018 05:31 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Fantastic news, Beth! I hope you tell many about your experience with this veteran and the exemption benefit ...
Gene
Jul 12, 2018 04:58 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Gene- this is such good information for our nation's disabled veterans.  I hope that all agents will become familiar with this!!

Jul 09, 2018 06:29 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
We in the industry and from AR need to help spread the word, Kathy .. it is valuable info ...
Gene
Jul 12, 2018 04:56 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

They go through so much hell and it’s probably the worst hell anybody can go through. This is the absolute least we can do. Let’s take care of these people!

Jul 09, 2018 07:57 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Amen to that, Laura!
Jul 10, 2018 05:44 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Gene

Thankfully we have lenders like you who keep us, and buyers, educated on what's important to know. Bet there are plenty of veterans who are not aware of this!

Jeff

Jul 09, 2018 10:14 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Thanks, Jeff ... I'm hoping this info helps change that and the info gets shared ...
Gene
Jul 12, 2018 04:55 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi ,

Wow..what an excellent informational piece on what exemptions are available for our disabled vets and how to file for them. I'm sure many are not aware they need to file every year!! Congrats on a well deserved featured post.

Jul 10, 2018 04:10 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Thank you, Dorie .. It's a shame if a deserving Vet is missing out on this valuable money-saving benefit. Spread the word!!
Jul 10, 2018 05:43 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Here is a call to action post. Your host? No less than Gene the mortgage machine

Jul 10, 2018 12:29 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
Ha! Actually my first boss you to call me that, Richie .. "Gene Gene the Mortgage Machine" .. Which will tell you my career started around the same time the Gong Show was popular. You provide marketing magic and good memories, my friend ...
Jul 10, 2018 05:42 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Excellent post, and great information for disabled veterans.

Jul 14, 2018 10:59 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Thank you Wayne and Jean Marie Zuhl ... appreciate the compliment and support!

Jul 16, 2018 12:35 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

As I always say, we can never do enough for the people that sacrifice and put themselves through wars and such. Thank you, all of you who have served of currently serve. :)

Jul 20, 2018 11:07 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I think that there needs to be more posts about this type of thing and what we can do to help each other wherever they are in life . :)

Jul 20, 2018 11:09 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Wonderful information for our military Heroes Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi so happy that I found your post in Gabe Sanders reblog!

Jul 24, 2018 07:50 AM