IL HB4538

Removes the requirement that rebuilt residential structures cannot exceed 110% of original square footage to qualify for natural disaster homestead exemption, allowing larger rebuilds with proportionally reduced exemptions.

Allows taxpayers to apply for natural disaster homestead exemptions in any year (not just the first year after rebuilding) by requiring annual applications to county assessors by July 1 or county-established date.

For rebuilt structures exceeding 110% of original square footage, exemption amount equals the per-square-foot assessed value multiplied by 110% of original square footage, minus the base year value.

Extends natural disaster valuation provisions to farm improvements (buildings for livestock, storage, equipment) rebuilt after 2018, with similar 110% square footage calculation and 2-year rebuild requirement.

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