IL HB5425

Amends the Property Tax Code Section 15-177 to make a technical correction removing duplicate language ("the" appears twice in subsection (a))

Applies to counties that have elected the alternative general homestead exemption under Section 15-176, effective for taxable years 2007 and thereafter

Provides qualified homestead property owners with an annual homestead exemption calculated as a reduction in equalized assessed value based on a base homestead value increased by 7-10% annually depending on household income

Requires qualified taxpayers to have occupied the same homestead for at least 10 continuous years (or 5 years if receiving government/nonprofit housing assistance) and maintain a household income of $100,000 or less

Establishes application procedures requiring taxpayers to submit affidavits to county assessors and authorizes audits to verify eligibility; fraudulent applications constitute perjury