HB5267

Illinois HB5267 proposes to assess residential properties used as short-term rentals for 30 or more days annually as commercial property in counties.

Illinois HB5267 amends the Property Tax Code to classify residential properties used as short-term rentals for 30 or more days in any year as commercial property in counties with populations of 200,000 or more. This change applies only to counties that classify property. The bill aims to ensure that properties used extensively for short-term rentals are taxed similarly to commercial properties, potentially increasing tax revenue for affected counties.