IL SB3415

Amends the Property Tax Code to provide a 25% reduction in all property taxes for the year in which a solar energy system is installed on a property, effective for tax year 2021 and thereafter

The 25% tax reduction is in addition to the existing alternate valuation provision that allows property owners to have their improvements valued as if equipped with a conventional heating/cooling system rather than the solar system (whichever is lesser)

Property owners must file a claim with the chief county assessment officer to receive the alternate valuation benefit for solar energy systems

Owners are required to notify the chief county assessment officer within 30 days by certified mail if the solar energy system ceases to be used for heating or cooling

Takes effect immediately upon becoming law