IL HB3282

Creates a first-time homebuyer homestead exemption reducing equalized assessed value by $7,500 for residential property valued at $75,000 or more.

Applies only to first-time homebuyers who purchased their residence between January 1, 2018 and January 1, 2020.

Exemption applies only for the first taxable year the first-time homebuyer occupies the residence.

Defines "first-time homebuyer" as an individual who has not held any ownership interest in residential property prior to January 1 of the taxable year.

Exempts the state from reimbursing counties for implementation costs under the State Mandates Act.