Bill Text: IL HB5867 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-07-24 - Filed with the Clerk by Rep. Thaddeus Jones [HB5867 Detail]

Download: Illinois-2023-HB5867-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5867 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-177.1 new
Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 15-177.1 as follows:
(35 ILCS 200/15-177.1 new)
Sec. 15-177.1. The 5-year property homestead exemption.
(a) Notwithstanding any other provision of law, for
taxable year 2025 and each taxable year thereafter, in Cook
County, the aggregate amount of property taxes levied against
any parcel of qualified homestead property in any taxable year
may not exceed $5,000. The property taxes collected for the
qualified homestead property shall be distributed to the
taxing districts in which the property is located according to
each taxing district's proportionate share of the qualified
homestead property's aggregate liability.
(b) To receive the exemption under this Section, the
qualified taxpayer must submit an application to the county
assessor during the application period specified by the county
assessor. The applications shall be clearly marked as
applications for the 5-year property homestead exemption. The
county assessor shall annually give notice of the application
period by mail or by publication. The assessor or chief county

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assessment officer may determine the eligibility of
residential property to receive the homestead exemption
provided by this Section by application, visual inspection,
questionnaire, or other reasonable methods. Each year, the
county assessor shall compile a list of properties that have
been granted a homestead exemption under this Section and
shall provide that list to the State Treasurer and to the
corporate authorities of each taxing district located within
the county.
(c) As used in this Section:
"Qualified homestead property" means real property located
in Cook County that has been granted an exemption under this
Section and that, as of January 1 of the tax year:
(1) is residential property that is owned and
occupied by a qualified taxpayer as the qualified
taxpayer's principal residence and domicile; or
(2) contains a single family residence that is
occupied as a principal residence and domicile by a
qualified taxpayer who has a legal or equitable interest
in the property as a lessee, as evidenced by a written
instrument, and on which the qualified taxpayer is liable
for the payment of property taxes.
"Qualified taxpayer" means an individual who, for at least
5 continuous years as of January 1 of the taxable year, has
occupied the same homestead property as a principal residence
and domicile.

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(d) Notwithstanding Sections 6 and 8 of the State Mandates
Act, no reimbursement by the State is required for the
implementation of any mandate created by this Section.