IL SB0087

Establishes annual homestead property tax exemptions for Illinois veterans with service-connected disabilities, with exemption amounts based on disability rating level as certified by the U.S. Department of Veterans Affairs.

For taxable years 2015 and thereafter, exemption amounts are $2,500 for 30-69% disability rating, $5,000 for 50-69% disability rating, and full property tax exemption for 70% or higher disability rating.

Extends exemption benefits to surviving spouses of qualifying veterans under specified conditions, including surviving spouses of veterans killed in line of duty beginning in taxable year 2015.

Exemptions apply to qualified residences (primary residences with equalized assessed value under $250,000) and continue if the veteran relocates to a nursing home or VA facility, provided the property remains occupied by the spouse or stays unoccupied but owned by the qualifying veteran.

Requires annual reapplication for exemption and prohibits veterans from claiming this exemption simultaneously with other homestead exemptions under Sections 15-165 or 15-168.