IL SB1293

Establishes a Veterans Property Tax Relief Reimbursement Pilot Program for fiscal years July 1, 2023 through June 30, 2028, requiring the Department of Revenue to reimburse eligible taxing districts for revenue loss from homestead exemptions for veterans with disabilities.

Taxing districts qualify for reimbursement if the veteran homestead exemptions reduce total equalized assessed value by more than 2.5% and the district is located wholly or partially in a county containing a United States military base.

Reimbursement amount is 50% of the revenue loss for fiscal year 2024 and 100% of the revenue loss for subsequent fiscal years through 2028, calculated based on property tax revenue differences for the relevant taxable year.

Aggregate reimbursements across all taxing districts cannot exceed $15,000,000 per calendar year; if total eligible reimbursements exceed this cap, individual district payments are reduced pro rata.

County clerks apply to the Department of Revenue on behalf of qualifying taxing districts and distribute reimbursement payments as directed by the Department.