IL HB5154

Expands the veterans with disabilities homestead property tax exemption to surviving spouses of veterans killed in the line of duty, effective for the 2015 taxable year and thereafter.

Allows surviving spouses to claim the exemption even if the veteran did not obtain it before death, provided the veteran would have qualified in the current taxable year.

Permits surviving spouses to receive exemptions for service-connected death rated by the U.S. Department of Veterans Affairs, with spouses receiving the highest exemption tier ($250,000 full exemption).

Changes the definition of "qualified residence" from "equalized assessed value" to "fair cash value" of less than $250,000 that is the veteran's primary residence.

The exemption carries over to surviving spouses as long as they hold legal title, permanently reside on the property, and do not remarry; exemption can transfer to a new primary residence if the property is sold.