IL HB0592

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 as of January 1 of the levy year.

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

Requires the assessor or chief county assessment officer to determine property eligibility through application, visual inspection, questionnaire, or other reasonable methods consistent with Department guidelines.

Mandates annual reapplication by taxpayers and requires the chief county assessment officer to mail applications to eligible taxpayers.

Provides that when tax rates are reduced under this provision, each taxing district receives a pro rata share of proceeds attributable to the property.