HB5433

Illinois HB5433 establishes the Circuit Breaker Property Tax Relief Act to assist homeowners with property tax spikes.

HB5433, the Circuit Breaker Property Tax Relief Act, aims to help Illinois homeowners facing significant property tax increases. Eligible homeowners can receive grants covering up to 50% of their tax bill spike, defined as a tax increase over $500. To qualify, homeowners must be Illinois residents, receive homestead exemptions, and meet income limits. The Act creates the Circuit Breaker Property Tax Relief Fund to manage grants. Applications must be filed online, and the Chief County Assessment Officer determines eligibility. Fraudulent claims are subject to penalties.