IL SB1750

Amends the Property Tax Code Section 15-169 to modify the homestead exemption for veterans with service-connected disabilities, effective upon enactment.

Veterans with 100% service-connected disability are no longer required to reapply annually for the exemption; the exemption remains in effect as long as otherwise permitted.

For taxable year 2015 and thereafter, exemption amounts are tiered by disability rating: $2,500 for 30-49% disability, $5,000 for 50-69% disability, and full property tax exemption for 70% or higher disability.

Surviving spouses of eligible veterans may continue the exemption on the homestead property if they remain unmarried and the property is their primary residence, and may transfer a comparable exemption to a new residence if they sell.

Allows county assessment officers to approve the exemption for the 2020 taxable year without requiring reapplication if the property was approved for 2019, provided the county declared a COVID-19 local disaster and the property ownership and applicant remain unchanged.