IL HB0612

Expands homestead exemption for World War II veterans beginning in taxable year 2024, providing complete property tax exemption regardless of disability status.

Creates new exemption tier for taxable year 2023 and thereafter with $250,000 equalized assessed value exemption for veterans with 70% or more service-connected disability and surviving spouses receiving dependency and indemnity compensation.

Eliminates annual reapplication requirement for World War II veterans and veterans with 100% combined service-connected disability rated as permanently and totally disabled by the U.S. Department of Veterans Affairs.

Removes $250,000 equalized assessed value cap on "qualified residence" definition for tax year 2023 and thereafter, allowing larger properties to qualify for exemptions.

Modifies "veteran" definition for taxable years 2023 and thereafter to require service-connected disability certification and disability compensation receipt, rather than only honorable discharge.