IL HB0360

Lowers the service-connected disability threshold for veterans from 30% to 20% to qualify for a $2,500 annual homestead property tax exemption beginning in taxable year 2017.

Extends the $2,500 annual homestead exemption to veterans over age 75 who are not disabled or have a service-connected disability of less than 50%, effective for taxable year 2017 and thereafter.

Removes the $250,000 equalized assessed value cap on qualified residences eligible for the veteran homestead exemption.

Maintains existing exemption tiers: $5,000 annually for veterans with 50-70% disabilities and full property tax exemption for those with 70% or more service-connected disabilities.

Takes effect immediately upon becoming law.