IL HB5566

Creates a new veterans' standard homestead exemption under Illinois Property Tax Code beginning with taxable year 2018 for veterans who own and occupy property as their principal residence.

Exemption applies only for the first taxable year after a veteran acquires ownership interest in the property, with amount based on property's equalized assessed value: $5,000 if value is $250,000 or less, or $10,000 if value exceeds $250,000.

Defines "veteran" as an Illinois resident who served as a member of the United States Armed Forces, Illinois National Guard, or United States Reserve Forces.

Prevents taxpayers from claiming this exemption if they already claim exemptions under Sections 15-165, 15-167, 15-168, or 15-169.

Modifies Section 15-167 (Returning Veterans' Homestead Exemption) to clarify it applies except as provided in the new Section 15-166, and updates Section 15-169 (Homestead exemption for veterans with disabilities) to exclude those claiming the Section 15-166 exemption.