IL HB1448

Amends the Property Tax Code by adding Section 18-185.15 to establish home ownership incentive programs.

Allows any taxing district to adopt a residential home ownership incentive program by majority vote of its governing authority through ordinance or resolution.

Permits taxing districts to abate property taxes on owner-occupied primary residences that meet criteria established in the adopted incentive program.

Enables taxing districts to coordinate incentive programs through intergovernmental agreements with other taxing districts.

Requires county clerks to implement tax abatements after the assessed valuation of property has been determined.