HB3824 - Property Tax Refund Act

• Department of Revenue shall issue annual $500 property tax refunds to eligible homeowners for each qualified residential property where they paid property taxes and had ownership interest as of January 1.

• Eligible homeowners must file applications by June 30 of the second calendar year following the year property taxes were paid; for 2014 taxes, filing a 2014 income tax return claiming the Section 208 credit serves as an application.

• Refunds may be divided among multiple eligible homeowners or spouses as agreed, or divided equally if no agreement exists; Department may credit refunds against applicant's tax liabilities instead of issuing cash payments.

• County assessors and supervisors of assessments must submit detailed property information to the Department annually by May 15; counties failing to submit required information will have Local Government Distributive Fund payments withheld until compliance.

• Eliminates the Illinois Income Tax Act Section 208 residential property tax credit for tax years ending on or after December 31, 2015, replacing it with the property tax refund program; creates the Property Tax Refund Fund for administering refunds.