IL HB3463

Increases the maximum assessed property value eligible for the veterans with disabilities exemption from $100,000 to $150,000, effective for tax year 2024 and thereafter.

Applies to properties owned and used exclusively as a home by veterans with disabilities who qualify for Specially Adapted Housing under federal law (Title 38, Chapter 21, Section 2101 of the U.S. Code), or by their spouses or unmarried surviving spouses.

Exemption applies to housing purchased or constructed with federal funds for special adaptations, housing purchased with proceeds from sale or casualty loss of previously adapted homes, and housing donated by charitable organizations that meets federal standards.

Requires annual reestablishment of the exemption through certification by the Illinois Department of Veterans' Affairs to local assessing officials.

Takes effect immediately upon becoming law.