HB 886

Abstract

Amends the Property Tax Code. Creates the disabled veterans assessment freeze homestead exemption for a person who has served in the armed forces of the United States, the reserves of the armed forces of the United States, or the Illinois National Guard and who is disabled. Provides that the amount of this exemption shall be the equalized assessed value of the residence in the taxable year for which application is made minus the base amount. Defines "base amount" as the base year equalized assessed value of the residence plus the first year's equalized assessed value of any added improvements that increased the assessed value of the residence after the base year. Defines "base year" as, in most instances, the taxable year prior to the taxable year for which the applicant first qualifies and applies for the exemption. Makes corresponding changes to cross-references in other provisions of the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.