SB3042 Summary

• Establishes homestead property tax exemptions for veterans with service-connected disabilities certified by the U.S. Department of Veterans Affairs, beginning with taxable year 2007.

• For taxable years 2015 and thereafter, provides tiered exemptions based on disability rating: $2,500 for 30-49% disability, $5,000 for 50-69% disability, and full property tax exemption for 70% or higher disability.

• Extends exemption benefits to surviving spouses of qualifying veterans, including spouses of veterans killed in the line of duty as of taxable year 2015, allowing exemption transfers to new residences if the spouse relocates.

• Exemption applies only to primary residences with equalized assessed values under $250,000 and requires annual reapplication during the county's application period.

• Prevents veterans from claiming this exemption simultaneously with other homestead exemptions under Sections 15-165 or 15-168 of the Property Tax Code.