SB2545 Summary

• Amends Section 15-175 of the Property Tax Code regarding leasehold exemptions for homestead property.

• Requires the chief county assessment officer to verify that the owner and lessee of property are immediate family members, as defined in the Residential Mortgage License Act of 1987, when granting a leasehold exemption.

• Adds a new condition (condition 5) to the existing requirements for leasehold exemptions, which already require notarized applications, lease copies, and express statements of tax liability.

• Does not apply to leasehold interests in property owned by municipalities.