IL HB4132

Amends the Property Tax Code to add a new charitable purpose exemption for property held by charitable organizations that construct or rehabilitate residences for transfer to qualified low-income families through sale, lease, or contract for deed, effective for the 2024 taxable year and thereafter.

Exemption begins on the day title transfers to the charitable organization and continues through the end of the levy year in which the organization transfers title to a qualified low-income family.

Defines "qualified low-income family" as a family with adjusted income less than 80% of the median income for their area of residence, adjusted for family size, as determined by the U.S. Department of Housing and Urban Development for Section 8 housing purposes.

Takes effect immediately upon becoming law.