Illinois HB1801 amends the Property Tax Code to address erroneous homestead exemptions in counties with fewer than 3,000,000 inhabitants.
Illinois HB1801 amends the Property Tax Code to allow the chief county assessment officer to consider properties with erroneous homestead exemptions as omitted property. This applies to properties in counties with fewer than 3,000,000 inhabitants. The bill specifies that if a property has been granted a homestead exemption to which it was not entitled, the erroneously exempt portion can be treated as omitted property. Bona fide purchasers who acquire the property without notice of the erroneous exemption are not liable for the taxes or interest that should have been assessed.
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