The bill amends the property tax exemption laws for disabled veterans, their surviving spouses, and minor dependent children by allowing property owned by a trust or a limited liability company to qualify as a homestead under certain conditions. Specifically, it defines "homestead" to include not only the dwelling occupied as the principal residence but also contiguous real property, provided it is not used for commercial purposes. The bill specifies that this property can be owned by a revocable or irrevocable trust where the disabled veteran is the user or a beneficiary, or by a limited liability company with the disabled veteran or their spouse as the sole members.

Additionally, the bill introduces new requirements for disabled veterans claiming the exemption for property held in an irrevocable trust or a limited liability company. They must provide a signed, notarized, and file-marked copy of the trust or proof of eligibility to the county collector. The changes are set to take effect for assessment years beginning on or after January 1, 2026.

Statutes affected:
Old version HB1809 V2 - 4-2-2025 09:59 AM: 26-3-306(a), 26-3-306(b)
Old version HB1809 Original - 3-17-2025 01:23 PM: 26-3-306(a), 26-3-306(b)
HB 1809: 26-3-306(a), 26-3-306(b)
Act 880: 26-3-306(a), 26-3-306(b)