Illinois HB1238 proposes a homestead exemption for properties in special flood hazard areas, reducing assessed value by $5,000.
Illinois HB1238 amends the Property Tax Code to create a homestead exemption for residential properties located in special flood hazard areas identified by the Federal Emergency Management Agency. The exemption reduces the property's equalized assessed value by $5,000. To qualify, the property must be the primary residence of the owner, and the household income must not exceed 120% of the area median income. The exemption applies starting in taxable year 2026.
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