HB4871

Illinois HB4871 amends the Property Tax Code to expand the long-time occupant homestead exemption to all counties starting in taxable year 2027.

Illinois HB4871 amends the Property Tax Code to expand the long-time occupant homestead exemption to all counties starting in taxable year 2027. The exemption applies to qualified taxpayers who have occupied the same homestead property for at least 10 continuous years or 5 continuous years with assistance in acquisition. To qualify, the taxpayer must have a household income of $100,000 or less. The exemption amount is the greater of the equalized assessed value minus the adjusted homestead value or the general homestead deduction.