IL HB4290

Caps the aggregate property tax rate at 5% for residential properties occupied by qualified taxpayers as their principal dwelling place for at least 30 years.

Defines "qualified taxpayer" as a person who is 65 years of age or older, liable for real estate taxes on the property, and holds an ownership interest or legal/equitable interest (excluding most leasehold interests).

Requires assessors to determine eligibility through application, visual inspection, questionnaire, or other reasonable methods following Department guidelines.

Mandates annual reapplication for taxpayers granted the reduction, with the chief county assessment officer mailing applications to eligible taxpayers.

Requires each taxing district to receive a pro rata share of tax proceeds if a property's rate is reduced under this provision.