SB1862

Illinois SB1862 establishes a homestead exemption for residential property continuously owned and occupied by a qualified taxpayer for at least 30.

Illinois SB1862 amends the Property Tax Code to create a homestead exemption for residential property that has been continuously owned, used, and occupied as the primary residence by a qualified taxpayer for at least 30 years. The exemption applies to any taxable year starting with 2025. The bill requires the assessor or chief county assessment officer to determine eligibility through application, visual inspection, questionnaire, or other reasonable methods. It mandates annual reviews to ensure the exemption is correctly applied and requires taxpayers to reapply annually.