Illinois HB1326 creates a 5-year property homestead exemption for Cook County residents.
Illinois HB1326 amends the Property Tax Code to establish a 5-year property homestead exemption for Cook County residents. This exemption applies to residential property used as a principal residence and domicile for at least five continuous years. The aggregate amount of property taxes levied against the property in any taxable year may not exceed $5,000. To qualify, the taxpayer must submit an application to the county assessor during the specified application period.
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