Illinois SB0099 amends the Property Tax Code to adjust the homestead exemption for veterans with disabilities and surviving spouses of deceased.
Illinois SB0099 amends the Property Tax Code to modify the homestead exemption for veterans with disabilities and their surviving spouses. The bill provides that if a veteran has a service-connected disability rating of 30% or more but less than 50%, the annual exemption is $2,500. For a rating of 50% or more but less than 70%, the exemption is $5,000. For a rating of 70% or more, the exemption is $5,000. The bill also allows the exemption to transfer to the surviving spouse if they meet certain conditions, such as not remarrying and using the new residence as their primary home.
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