SB2954 Summary

• Amends the Property Tax Code Section 15-169 to expand the definition of "veteran" in the homestead exemption for veterans with disabilities to include veterans who have received a medical discharge.

• Maintains existing exemption amounts based on service-connected disability ratings: $2,500 for 30-50% disability, $5,000 for 50-70% disability, and full property tax exemption for 70% or more disability (taxable year 2015 and thereafter).

• Extends full property tax exemption to surviving spouses of veterans whose death was service-connected and who receive dependency and indemnity compensation from the U.S. Department of Veterans Affairs (effective taxable year 2023).

• Veterans with 100% combined service-connected disability rating deemed permanently and totally disabled are exempted from annual reapplication requirements effective May 23, 2022.

• Allows county assessment officers to approve exemptions without application for 2020 and 2021 taxable years for properties previously approved, contingent on county disaster declaration related to COVID-19.