IL SB2873

Adds a new property tax exemption for veterans aged 70 or older with household income below $65,000, beginning in taxable year 2018, regardless of disability status.

Grants full property tax exemption for qualifying veterans who served in the United States Armed Forces, Illinois National Guard, or U.S. Reserve Forces with an honorable discharge.

Property must be used as a primary residence (qualified residence) with an equalized assessed value of less than $250,000 to qualify for the exemption.

Defines "household income" according to Section 15-172 of the Property Tax Code for determining eligibility.

Requires annual reapplication for the exemption during the application period established for each county.