IL HB3280

Provides a $10,000 annual reduction in equalized assessed value for homestead property located within the 65 DNL Build-out Contour for O'Hare International Airport or within an alternative 65 CNEL Build-out Contour for O'Hare International Airport, beginning in taxable year 2019.

Requires homeowners to submit an annual application to the chief county assessment officer to receive the reduction, with eligibility to be determined through application, visual inspection, questionnaire, or other reasonable methods.

Establishes that the intent of the reduction is to compensate homeowners affected by aircraft noise for the cost of soundproofing their property.

Defines "homestead property" by reference to Section 15-175 of the Property Tax Code and specifies that eligible addresses must fall within designated noise contours as defined by the Federal Aviation Administration or the Permanent Noise Monitoring Act.

Takes effect immediately upon becoming law.