IL HB3798

Reduces the service-connected disability threshold for the $2,500 homestead exemption from 30% to 20% for taxable years 2017 and thereafter.

Extends the $2,500 annual homestead exemption to veterans over age 75 regardless of disability status, effective for taxable years 2017 and thereafter.

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

Maintains existing exemption amounts: $5,000 for veterans with 50-70% service-connected disability and full exemption from taxation for veterans with 70% or more service-connected disability.

Effective immediately upon enactment.