IL HB2965

Requires closing agents to present homestead exemption applications to purchasers at residential real estate closings and transmit completed applications to the chief county assessment officer.

County recorders must notify the chief county assessment officer at least monthly of any residential properties sold, transferred, or conveyed.

Chief county assessment officer shall continue applying homestead exemptions until notified by the county recorder of a property sale or until determining the property no longer qualifies for the exemption.

Applies to all residential real estate closings occurring on or after the effective date of this 103rd General Assembly amendment.