HB1027

Illinois HB1027 amends the Property Tax Code to adjust the homestead exemption for veterans with disabilities and surviving spouses.

Illinois HB1027 amends the Property Tax Code to modify the homestead exemption for veterans with disabilities and their surviving spouses. For taxable years 2023 and later, the exemption applies to veterans with a service-connected disability of 70% or more, regardless of the level of disability. The exemption also extends to the surviving spouse of a deceased veteran if they hold the legal or beneficial title to the property and permanently reside there, effective from taxable year 2025.