IL HB1523

Amends the Property Tax Code Section 15-169 regarding disabled veterans homestead exemptions effective for taxable year 2015 and thereafter.

Creates a full property tax exemption for veterans with a service-connected disability of 30% or more, replacing the previous limited exemption amounts of $5,000 (70%+ disability) and $2,500 (50-70% disability).

Maintains exemption eligibility for surviving spouses who hold legal or beneficial title, permanently reside on the property, and do not remarry.

Allows exemption to continue if a veteran moves to a nursing home or VA facility so long as the spouse occupies the residence or the property remains unoccupied but still owned by the qualifying veteran.

Beginning in 2015, eliminates the requirement that veterans killed in the line of duty must have obtained the exemption prior to death to qualify their surviving spouses for the exemption.