IL SB3012

Amends the Property Tax Code to create a homestead exemption for properties located in designated flood zones, effective beginning with tax year 2023.

Allows county boards to designate geographic areas within the county as flood zones by ordinance if those areas experience excessive flooding in any tax year.

Provides a $5,000 reduction from the equalized assessed value for homestead property located within a designated flood zone during the tax year the area is designated.

Defines "homestead property" using the same meaning as provided in Section 15-175 of the Property Tax Code.