IL HB2866

Establishes a $5,000 homestead exemption on equalized assessed value for property owned and occupied as the principal residence of an active duty military member, effective for taxable year 2019 and forward.

Defines "member of the military" as an Illinois resident serving in the United States Armed Forces, Illinois National Guard, or United States Reserve Forces on active duty.

Requires application during the county's application period, with assessor determination of eligibility based on application, visual inspection, questionnaire, or other reasonable methods according to Department guidelines.

Exemption is in addition to any other homestead exemptions provided under Illinois property tax law.

State is not required to reimburse counties for costs of implementing this exemption under the State Mandates Act.