Illinois HB5200 grants a homestead exemption for properties in counties with over 1 million inhabitants, owned and occupied by full-time municipal.
Illinois HB5200 amends the Property Tax Code to provide a homestead exemption for properties in counties with over 1 million inhabitants, owned and occupied by full-time municipal workers. The exemption reduces the equalized assessed value of the property by 5%. The exemption applies beginning in taxable year 2027 and is in addition to any other homestead exemptions. The assessor or chief county assessment officer determines eligibility through affidavit, application, visual inspection, or questionnaire. The Act takes effect immediately upon becoming law.
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