Full Text of HB1326

LRB104 06554 HLH 16590 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1326

Introduced 1/28/2025, by Rep. Thaddeus Jones

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-177.1 new

Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-177.1 as follows:

(35 ILCS 200/15-177.1 new)

Sec. 15-177.1. The 5-year property homestead exemption.

(a) Notwithstanding any other provision of law, for taxable year 2026 and each taxable year thereafter, in Cook County, the aggregate amount of property taxes levied against any parcel of qualified homestead property in any taxable year may not exceed $5,000. The property taxes collected for the qualified homestead property shall be distributed to the taxing districts in which the property is located according to each taxing district's proportionate share of the qualified homestead property's aggregate liability.

(b) To receive the exemption under this Section, the qualified taxpayer must submit an application to the county assessor during the application period specified by the county assessor. The applications shall be clearly marked as applications for the 5-year property homestead exemption. The county assessor shall annually give notice of the application period by mail or by publication. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. Each year, the county assessor shall compile a list of properties that have been granted a homestead exemption under this Section and shall provide that list to the State Treasurer and to the corporate authorities of each taxing district located within the county.

(c) As used in this Section:

"Qualified homestead property" means real property located in Cook County that has been granted an exemption under this Section and that, as of January 1 of the tax year:

(1) is residential property that is owned and occupied by a qualified taxpayer as the qualified taxpayer's principal residence and domicile; or

(2) contains a single family residence that is occupied as a principal residence and domicile by a qualified taxpayer who has a legal or equitable interest in the property as a lessee, as evidenced by a written instrument, and on which the qualified taxpayer is liable for the payment of property taxes.

"Qualified taxpayer" means an individual who, for at least 5 continuous years as of January 1 of the taxable year, has occupied the same homestead property as a principal residence and domicile.

(d) Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.

Section 99. Effective date. This Act takes effect upon becoming law.