IL HB3516

Creates a $1,000 annual homestead exemption (reduction in equalized assessed value) for homestead properties on which a stormwater retention basin is constructed during the taxable year, effective beginning with tax year 2016.

Defines "stormwater retention basin" as an impoundment created by a dam or excavation designed to store water and settle sediment and pollutants from surface runoff until water can evaporate or infiltrate.

Exemption applies only to homestead property as defined in Section 15-175 of the Property Tax Code.

Takes effect immediately upon becoming law.