IL HB5127

Amends the Property Tax Code to allow disabled veterans to receive pro-rata homestead exemptions beginning in assessment year 2012 if the property is first occupied after January 1 of that assessment year.

Calculates pro-rata exemption as the annual exemption amount divided by 365 and multiplied by the number of days the property is occupied as a primary residence by an eligible disabled veteran during the assessment year.

Requires the chief county assessment officer to adopt reasonable procedures to establish eligibility for the pro-rata exemption.

Maintains existing exemption amounts: $5,000 annually for veterans with 70% or higher service-connected disability rating, and $2,500 annually for veterans with 50-69% disability rating.

Effective immediately upon enactment.