Bill > HB3808

This bill creates the Circuit Breaker Property Tax Relief Act, which provides financial assistance to homeowners experiencing significant property tax increases. Specifically, homeowners can qualify for a grant if they: are domiciled in the state, have a general homestead exemption, have experienced a property tax bill spike (defined as a year-over-year increase of at least 25% or $500), and have a household income not exceeding four times the federal poverty level. The grant will cover up to half of the property tax bill spike, and will be paid through a newly created Circuit Breaker Property Tax Relief Fund. Homeowners must apply online through their County Chief Assessment Officer, with applications filed after January 1st and within one year of the tax year in question. To prevent fraud, the bill includes strict penalties for false claims, including potential felony charges. The program aims to help homeowners retain their homes by providing relief from unexpected and significant property tax increases, with a particular focus on preserving neighborhood character and assisting residents who may be financially vulnerable. The bill also allows for alternative income qualification through enrollment in certain public assistance programs like SNAP or LIHEAP, making the relief accessible to a broader range of homeowners.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3808&GAID=18&DocTypeID=HB&SessionID=114&GA=104