HB5378

HB5378 amends the Property Tax Code to adjust the homestead exemption for veterans with disabilities and World War II veterans.

HB5378 modifies the homestead exemption for veterans with disabilities and World War II veterans in Illinois. For taxable years 2023 and later, the exemption is $2,500 for veterans with a service-connected disability of 30% or more but less than 50%, and $5,000 for those with a disability of 50% or more but less than 70%. Veterans with a 70% or more service-connected disability receive an exemption of the first $250,000 in equalized assessed value of their property.