IL HB2706

Creates a new homestead exemption for properties located within 1,000 feet of an industrial park or business park if the park development commenced after the owner first resided there.

Exemption amount is $5,000 reduction from the equalized assessed value of the property and continues annually until the property is sold or transferred.

Property must be the owner's principal place of residence to qualify for the exemption.

Taxpayers must submit an application to the chief county assessment officer by July 1 of each taxable year, though counties may establish a different deadline by resolution.

County assessors may determine eligibility through application review, visual inspection, questionnaire, or other reasonable methods and may require additional documentation.