A bill took effect last year which allowed Veterans who are 70% or more disabled, according to the U.S. Department of Veterans Affairs, to be exempt from property taxes.
McHenry County Supervisor of Assessments Robert Ross explains,
“In 2015 there were 412 vets with at least 70% disability that received 100% tax exempt status for $24,864,195 in assessment loss or about $3,000,000 dollars in taxes [for this year’s tax payments.]
“There are 421 disabled vets that receive 100% exempt status based on 70% disability or higher in 2016. The assessed value exempted will be $26,781,827 in 2016, payable in 2017.
“This will be over $3,000,000 in taxes that will have to picked up by other taxpayers.”
This year the County Treasurer is supposed to college $823,699,731.68 in property taxes, so $3 million is a really tiny fraction of one percent.
One public official said a Vet receiving such an exemption had moved to a much more expensive home.
“I’d do that, too, if I didn’t have to pay any taxes,” I was told.