IL HB2478

Allows property taxes on residences to be paid monthly instead of in lump sums for homeowners age 55 and older who are liable for taxes and own the property or have a legal/equitable interest in it, beginning with the 2022 tax year payable in 2023.

Requires monthly property tax bills to be divided into 12 equal installments to the extent practical, with the 12-month payment period beginning on the first property tax due date in the county where the property is located.

Classifies monthly payments as delinquent only if unpaid for 90 days after the due date, rather than using standard delinquency timelines.

Excludes leasehold interests that are not on single-family residence land from eligibility for the monthly payment option.

Takes effect immediately upon becoming law.