HB2725 Summary

• Amends Section 15-175 of the Property Tax Code to require automatic renewal of general homestead exemptions beginning in taxable year 2019.

• Assessors or chief county assessment officers must automatically apply the homestead exemption to any qualified property that received the exemption in the immediately preceding year without requiring a new application.

• Applies to all counties statewide and eliminates the need for property owners to reapply annually for the exemption if they remain eligible.

• Does not require state reimbursement for implementation under the State Mandates Act.