IL HB1949

Amends the Property Tax Code Section 9-265 to allow boards of review in counties with fewer than 3,000,000 inhabitants to establish procedures for contesting payment of taxes, interest, fees, and costs related to erroneously granted homestead exemptions.

Permits the chief county assessment officer to treat a property portion as omitted property for the current taxable year and up to 3 prior taxable years when a homestead exemption was erroneously granted.

Authorizes counties to collect unpaid taxes on erroneously exempt property plus 10% annual interest and additional fees or costs authorized by the board of review or appropriate county entity for verification and collection expenses.

Limits the contestable period to the current taxable year and 3 prior years for erroneously granted homestead exemptions in counties with fewer than 3,000,000 inhabitants.