Bill Title: Amends the Property Tax Code. Creates a veterans' standard homestead exemption. Provides that the exemption applies only for the first taxable year after the veteran acquires an ownership interest in the property. Provides that the amount of the exemption is a reduction from the property's equalized assessed value in the amount of: (1) $5,000 if the property has an equalized assessed value of $250,000 or less; or (2) $10,000 if the property has an equalized assessed value of more than $250,000. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5566 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2018-02-16	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB5566

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5566 currently on file.

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