Bill > HB2424

This bill amends the Property Tax Code to expand the definition of "homestead property" for property tax exemption purposes. Starting in the 2026 tax year, the bill allows property that is occupied under a lease-to-purchase or lease-option contract to qualify for the general homestead exemption, provided the person using the property as their principal dwelling place is liable for property taxes under the contract. This means that individuals who are in the process of buying a home through a specialized leasing arrangement will now be eligible for the same property tax reduction benefits as traditional homeowners. The bill maintains existing provisions about homestead exemption amounts, which vary based on county population, with maximum reductions ranging from $6,000 to $10,000 depending on the county's size. The change aims to provide tax relief to people who are in transitional homeownership situations, recognizing that those working towards home ownership through lease-to-purchase arrangements should receive similar tax treatment as outright homeowners.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2424&GAID=18&DocTypeID=HB&SessionID=114&GA=104