IL HB0822

Amends the natural disaster homestead exemption in the Property Tax Code to allow rebuilding beyond the previous 110% square footage limit, removing the strict prohibition on larger reconstructions.

Provides an alternative calculation for exemptions when rebuilt structures exceed 110% of original square footage: exemption equals equalized assessed value per square foot multiplied by 110% of original footage, minus the base amount.

Removes the requirement that taxpayers apply for the exemption no later than the first taxable year after rebuilding, allowing applications in subsequent years.

Makes amendments retroactive to the 2012 taxable year and allows property owners previously denied exemptions to seek relief by certificate of error.

Takes effect immediately upon becoming law.