Bill > SB1862

This bill establishes a new property tax exemption for homeowners who have continuously owned, used, and occupied their primary residence for at least 30 years. Specifically, beginning in 2025, homeowners who meet the "qualified taxpayer" definition can receive a property tax exemption. To qualify, an individual must have lived in the same homestead property as their principal residence for 30 continuous years as of January 1 of the taxable year. Eligible properties include single-family residences owned or leased by the qualified taxpayer. Homeowners must reapply for this exemption annually during a specified application period, and the local assessor can verify eligibility through various methods like applications, visual inspections, questionnaires, or additional documentation. The assessor must also conduct a periodic review to ensure exemptions were granted correctly. Importantly, the bill includes a provision in the State Mandates Act stating that the state will not reimburse local governments for implementing this new exemption. The bill is effective immediately and aims to provide a tax benefit to long-term homeowners who have maintained the same primary residence for three decades.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1862&GAID=18&DocTypeID=SB&SessionID=114&GA=104