Bill > SB2278

This bill amends the Property Tax Code to expand property tax exemptions for veterans with disabilities and World War II veterans. Specifically, the bill provides that if a taxpayer is the surviving spouse of a veteran whose death was service-connected or is certified by the United States Department of Veterans Affairs (VA) as a recipient of dependency and indemnity compensation, the first $250,000 in equalized assessed value of their property will be exempt from taxation. For veterans with service-connected disabilities, the exemption varies based on disability rating: veterans with a 30-50% disability rating receive a $2,500 exemption, those with a 50-70% disability rating receive a $5,000 exemption, and veterans with a 70% or higher disability rating receive a full exemption of the first $250,000 in property value. Additionally, starting in 2024, veterans who served in World War II are automatically exempt from property taxes regardless of their disability level. The bill also clarifies provisions for surviving spouses, including conditions under which they can continue to receive the exemption, and streamlines the application process for certain veterans with permanent and total disabilities.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2278&GAID=18&DocTypeID=SB&SessionID=114&GA=104