IL SB2306

Amends the Property Tax Code to allow prorated homestead exemptions for disabled veterans who do not occupy the qualified residence on January 1 of the taxable year, with the prorated exemption beginning with the first complete month of occupancy.

Maintains existing homestead exemption amounts for disabled veterans: $2,500 annually for 30-50% service-connected disability, $5,000 for 50-70% disability, and full property tax exemption for 70% or greater disability (taxable years 2015 and thereafter).

Exemption applies only to qualified residences with equalized assessed values under $250,000 that serve as the veteran's primary residence.

Exemption continues for surviving spouses who remain unmarried and occupy the property, and can transfer to a new primary residence if the property is sold.

Veterans killed in the line of duty qualify for the exemption beginning in taxable year 2015 even if they did not previously apply for it.