IL HB4291

Adds a homestead property tax exemption when cumulative property taxes paid by a taxpayer equal or exceed the original selling price of the homestead property.

Exemption applies on January 1 of any taxable year and remains in effect until the property is sold, transferred, or conveyed to another taxpayer.

Requires taxpayers to submit an application to the county assessor during a period specified by the assessor to receive the exemption.

County assessor determines eligibility through application review, visual inspection, questionnaire, or other reasonable methods according to Department guidelines.

Defines "homestead property" by reference to existing law and "selling price" as consideration for sale including cash, credits, property, and services.