IL SB3833

Creates a new property tax abatement provision in the Property Tax Code for school districts that reach their adequacy target under the evidence-based funding formula in the School Code.

Requires property taxpayers to receive an abatement equal to any surplus funds generated from property tax revenue in a taxable year when a school district meets its adequacy target.

The State Board of Education determines whether a school district has reached its adequacy target under Section 18-8.15 of the School Code.

Applies to property tax revenue surpluses only in years when the adequacy target is achieved by the school district.