IL HB3070

Increases household income threshold for long-time occupant homestead exemption from $100,000 to $100,000 for eligibility, but changes the income-based exemption calculation threshold to $85,000 or less for tax year 2024 and thereafter.

Reduces the annual homestead value increase from 10% (for incomes $75,001-$100,000) and 7% (for incomes $75,000 or less) to a uniform 5% increase for each taxable year after the base year for all qualified taxpayers with household income of $85,000 or less, effective tax year 2024.

Eliminates provisions that prevented qualified taxpayers from receiving the long-time occupant homestead exemption simultaneously with other specific homestead exemptions under Sections 15-172, 15-175, and 15-176.

Eliminates the requirement for annual reapplication starting in tax year 2024; qualified taxpayers only need to notify the chief county assessment officer if the property is sold, transferred, or no longer qualifies.

Takes effect immediately upon becoming law.