Bill > HB1495

This bill establishes a Property Tax Relief Pilot Program in Illinois that will provide eligible homeowners with a one-time direct relief payment based on their property tax liability for the 2025 tax year. To qualify, homeowners must own residential property classified as a homestead on January 1, 2025 and 2026, be liable for property taxes on that property in 2025, and apply to the Department of Revenue by August 31, 2026. The payment amount will be determined by the Department of Revenue through rule-making, with only one payment made per qualifying property. The program is funded by a $6 billion transfer from the General Revenue Fund to a newly created Property Tax Relief Program Fund of 2026, with payments to be distributed no later than December 31, 2026. If surplus funds remain, the Department may distribute additional payments to low-income households. The bill requires the Department to submit a report to the Governor and General Assembly by September 1, 2027, detailing the number and total dollar amount of payments distributed, along with recommendations for future property tax relief. The program is set to expire on January 1, 2028, making it a temporary pilot initiative designed to provide targeted property tax relief to Illinois homeowners.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1495&GAID=18&DocTypeID=HB&SessionID=114&GA=104