IL SB3100

Creates a $1,000 homestead property tax exemption for homestead properties on which a stormwater retention basin is constructed during the taxable year, beginning with the 2021 taxable year.

Defines "stormwater retention basin" as an impoundment created by a dam or excavation designed to store water, settle sediment and pollutants from surface runoff, and hold water until it evaporates or infiltrates.

Exemption reduces the equalized assessed value of qualifying homestead property as defined in Section 15-175 of the Property Tax Code.

Effective immediately upon becoming law.