IL SB3478

Amends the Property Tax Code to require titleholders or owners of beneficial interest in exempt property to file an annual affidavit with the county assessment officer by January 31 each year (May 31 for properties exempted under Section 15-170).

Affidavit must state whether there has been any change in ownership, use of property, or status of the owner or resident; failure to file may result in termination of the property's exempt status at the assessment officer's discretion.

Owners of 5 or more exempt parcels within a county may file a single annual affidavit covering all properties instead of individual affidavits for each parcel.

Properties exempted under Sections 15-40, 15-45 (burial grounds in counties under 3,000,000 inhabitants owned by not-for-profit organizations), and 15-50 (United States property) are exempt from the annual affidavit requirement, though changes in use or ownership must still be reported under Section 15-20.

Takes effect immediately upon becoming law.