IL HB0237

Amends the Property Tax Code to create an additional $1,000 homestead exemption for homestead property located in Lake County for taxable years 2015 and thereafter.

Exemption applies only to "qualified taxpayers" who have occupied the same homestead property as their principal residence and domicile for at least 10 continuous years as of January 1 of the taxable year.

Qualified taxpayers must submit an application with an affidavit to the chief county assessment officer declaring their status as a long-term occupant to claim the exemption.

The additional exemption is in addition to other existing homestead exemptions and does not replace or modify current maximum reduction amounts for homestead property.

Takes effect immediately upon becoming law.