IL HB3671

Creates a first-time homebuyer homestead exemption reducing equalized assessed value by $7,500 for residential property valued at $75,000 or more.

Applies only to properties purchased between January 1, 2018 and January 1, 2020, and only for the first taxable year of occupation.

Defines "first-time homebuyer" as an individual who has not held an ownership interest in residential property prior to January 1 of the taxable year.

Requires applications during the county's application period, with county assessors determining eligibility through application, inspection, questionnaire, or other reasonable methods.

Exempts the state from reimbursing counties for implementation costs under the State Mandates Act.