SB2431 Summary

• Establishes homestead property tax exemptions for Illinois veterans with service-connected disabilities, with exemption amounts based on disability rating level.

• For taxable years 2015 and thereafter, veterans with 30-50% disability receive $2,500 annual exemption, 50-70% disability receive $5,000 annual exemption, and 70% or higher disability receive full property tax exemption.

• Exemption continues for surviving spouses who remain unmarried and permanently reside on the property, and can transfer to new primary residence if original property is sold.

• Veterans found permanently and totally disabled by the Department of Veterans Affairs are exempt from annual reapplication requirement; all other veterans must reapply annually during county application periods.

• Requires property owners to notify county assessment officers within 90 days of any change in property use or ownership that would affect exemption eligibility.