IL SB2255

Beginning in taxable year 2022, newly constructed homestead property is entitled to a homestead exemption limited to $75,000 per year in fair cash value if owned and used exclusively for residential purposes, regardless of whether the property was rebuilt following a catastrophic event.

County chief assessment officers shall award no more than $5,000,000 in exemptions annually for newly constructed property not rebuilt following a catastrophic event, distributed on a first-come, first-served basis.

The exemption amount is limited to the fair cash value added by the new construction and continues for 4 years from completion and occupancy, or until the next general property assessment, whichever is later.

The bill maintains existing exemptions for homestead properties that have been improved or residential structures rebuilt after catastrophic events, with a $75,000 per year exemption limit beginning January 1, 2004.

The act takes effect upon becoming law.