Illinois HB3340 establishes a Property Tax Reduction Pilot Program for residential properties in specific townships.
Illinois HB3340 amends the Property Tax Code to create a Property Tax Reduction Pilot Program. For taxable years 2026 through 2031, the total property tax liability for any parcel of residential property in Bloom, Rich, Bremen, Thornton, or Calumet township will be limited to the lesser of the actual property tax liability or $5,000. This program aims to cap property tax liabilities in these townships.
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