IL HB2624

Establishes a $5,000 homestead exemption for property owned and occupied as the principal residence of an active duty member of the military, beginning with taxable year 2021.

Exemption applies to members of the United States Armed Forces, Illinois National Guard, or United States Reserve Forces on active duty who are Illinois residents.

Property owner must be liable for paying real estate taxes and have legal or equitable ownership interest (except for certain leasehold interests).

Application must be made during the application period established for the county where the property is located, with eligibility determined by the assessor or chief county assessment officer using application, inspection, questionnaire, or other reasonable methods.

Exemption is in addition to any other homestead exemptions under Illinois property tax law, and no state reimbursement is required for implementation.