Bill > HB5433

This bill, titled the Circuit Breaker Property Tax Relief Act, establishes a program to provide financial assistance to eligible homeowners in Illinois who have experienced significant increases in their property tax bills. To qualify, an individual must be a resident of the state, already receive a homestead exemption (which is a property tax break for primary residences), have experienced a "property tax bill spike" (defined as a substantial year-over-year increase in property taxes, with specific percentage thresholds depending on county size, and not including increases of $500 or less), and have a household income that does not exceed a certain limit, which is four times the federal poverty level for their household size, though certain low-income assistance program participants are presumed to meet this requirement. Eligible individuals can receive a grant covering up to 50% of their property tax bill spike, with payments to be made from a newly created Circuit Breaker Property Tax Relief Fund. The bill also outlines procedures for application, defines key terms like "household income" and "property taxes accrued," and includes provisions for administration, appeals, and penalties for fraud.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5433&GAID=18&DocTypeID=HB&SessionID=114&GA=104