HB2666 Summary

• Creates a new veterans' standard homestead exemption beginning with taxable year 2017 for veterans who own and occupy property as their principal residence.

• Exemption applies only for the first taxable year after a veteran acquires an ownership interest in the property, reducing equalized assessed value by $5,000 (for properties valued at $250,000 or less) or $10,000 (for properties valued over $250,000).

• Veterans claiming this exemption cannot simultaneously claim exemptions under Sections 15-165, 15-167, 15-168, or 15-169.

• Defines "veteran" as an Illinois resident who has served in the United States Armed Forces, Illinois National Guard, or United States Reserve Forces.

• Applies to cooperative apartments and life care facilities, with exemption savings credited to the qualifying veteran's tax liability; willful refusal to credit exemptions is a Class B misdemeanor.