IL SB1862

Grants a full property tax exemption for World War II veterans' qualified residences beginning with taxable year 2023, regardless of disability level.

World War II veterans who qualify for the exemption are not required to reapply annually, unlike other veterans with disabilities.

Exemption applies to real property with equalized assessed value less than $250,000 used as a primary residence, excluding commercial portions.

Expands definition of "surviving spouse" for taxable year 2023 and thereafter to include spouses of World War II veterans who would have qualified for the exemption.

Act becomes effective immediately upon becoming law.