Tax Exemption Could Help Illinois Tornado Victims
A tax exemption that the Illinois Legislature passed in 2012 is expected to benefit the victims of last fall's tornadoes in the city of Washington.
Tazewell County's Chief Assessment Officer Gary Twist says the General Assembly created the tax exemption after tornadoes hit Harrisburg in 2012. Twist tells the Journal Star in Peoria that he anticipates Tazewell county will use the exemption in the coming years. Deadly tornadoes struck the state in November, badly damaging the county.
Homeowners must meet certain criteria to claim the exemption. They include rebuilding up to 110 percent of original square footage within two years. The exemption will cover the difference between the destroyed and rebuilt home for the lifetime of ownership.