IL HB4952

Lowers the disability threshold for full property tax exemption for veterans from 70% to 60% service-connected disability, effective for taxable year 2025 and thereafter.

Veterans with 60% or more service-connected disability will have their entire property exempt from taxation, whereas under current law veterans with 70% or more disability receive exemption only on the first $250,000 in equalized assessed value.

Maintains existing exemption tiers for veterans with lower disability ratings: $2,500 annual exemption for 30-49% disability and $5,000 annual exemption for 50-59% disability.

Continues the exemption for surviving spouses of veterans whose death was service-connected, providing exemption on the first $250,000 in equalized assessed value.

Amends Section 15-169 of the Illinois Property Tax Code (35 ILCS 200/15-169) and takes effect immediately upon becoming law.