IL HB3273

Adds Section 15-87 to the Property Tax Code establishing a charitable property tax exemption for hospice residences owned by nonprofit entities

Property qualifies for exemption if the value of qualifying services and activities equals or exceeds the estimated property tax liability for the taxable year

Qualifying services and activities include charity care for low-income individuals, subsidies to state or local governments for health care programs, subsidies for dual-eligible Medicare/Medicaid patients, and unreimbursed costs relieving government burden for low-income care

Excludes any property owned, leased, licensed, or operated by for-profit entities from exemption eligibility; allows partial exemptions for mixed-use properties based on qualifying portion

Requires hospice providers to submit applications to the Department with supporting records and CEO verification under oath; the act takes effect upon becoming law