Bill > HB1326

This bill creates a new property tax exemption specifically for homeowners in Cook County, Illinois, who have lived in the same property as their primary residence for at least 5 continuous years. Under this legislation, qualifying homeowners will have their annual property tax liability capped at $5,000, regardless of the property's actual assessed value. To be eligible, homeowners must submit an application to the county assessor during a specified application period and meet specific residency requirements. The term "qualified taxpayer" is defined as an individual who has occupied the same residential property as their principal residence for at least 5 consecutive years as of January 1 of the tax year. The exemption applies to both owner-occupied homes and properties where the taxpayer has a legal leasehold interest and is responsible for paying property taxes. The property taxes collected will be distributed proportionally among the relevant taxing districts. The bill will take effect for the 2026 tax year and subsequent years, and notably, the state will not be required to reimburse local governments for implementing this tax exemption.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1326&GAID=18&DocTypeID=HB&SessionID=114&GA=104