SB1978

Illinois SB1978 establishes the Circuit Breaker Property Tax Relief Act to assist homeowners with property tax spikes.

The Circuit Breaker Property Tax Relief Act aims to help Illinois homeowners facing significant property tax increases. Eligible homeowners must meet criteria such as being domiciled in the state, receiving a homestead exemption, and experiencing a property tax bill spike. The Act defines a "property tax bill spike" as a tax increase of more than $500 in a single year. The maximum grant is half of the tax spike. The Act creates a Circuit Breaker Property Tax Relief Fund to disburse grants.