HB4952

Illinois HB4952 amends the Property Tax Code to adjust the homestead exemption for veterans with disabilities.

HB4952 modifies the Property Tax Code to change the homestead exemption for veterans with disabilities. For taxable years 2025 and later, if a veteran has a service-connected disability of 60% or more, their property is exempt from taxation. For those with a disability rating of 30% to 59%, the annual exemption is $2,500, and for those with a rating of 50% to 69%, it is $5,000. Veterans with a 70% or more disability rating receive an exemption on the first $250,000 of their property's assessed value.