Illinois SB3174 creates a homestead exemption for property owners who have lived in their home for at least 30 years.
Illinois SB3174 amends the Property Tax Code to establish a homestead exemption for qualified homestead property that has been continuously owned, used, and occupied as the primary residence by the qualified taxpayer for at least 30 years. This exemption applies starting from taxable year 2026. Qualified taxpayers must reapply annually for the exemption. The assessor or chief county assessment officer can verify applications through various methods, including intergovernmental agreements for information sharing.
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