IL SB1979

Increases the annual refund cap for Cook County property tax refunds from $2,500,000 to $5,000,000 for claims arising before January 1, 2009.

Extends the statute of limitations for Cook County refund claims from 5 years to 20 years from the date the right to a refund arose.

Provides a one-time refund window for Cook County property tax claims filed between September 1, 2011 and September 1, 2012 for refunds arising between January 1, 2000 and more than 5 years prior to filing, with a $350,000 aggregate cap.

Requires Cook County Treasurer to pay 6% annual interest on taxes overpaid due to erroneous homestead exemption denials, with interest costs proportionately deducted from all taxing districts' distributions.

Maintains separate procedures for Cook County (handled by Treasurer) and other Illinois counties (handled by County Collector) for processing property tax refund claims.