IL HB4437

Creates a homestead exemption for properties located in Federal Emergency Management Agency-designated special flood hazard areas, effective beginning in taxable year 2025.

Exemption reduces a property's equalized assessed value by $5,000 for eligible homeowners.

Property is ineligible if construction was completed on or after the date the property was included in the flood hazard area, or if household income exceeds 120% of area median income as defined by the U.S. Department of Housing and Urban Development.

Taxpayers must submit an application to their county assessment officer by July 1 of each taxable year, though counties may establish a different deadline by resolution.

Counties have authority to determine eligibility through application, visual inspection, questionnaire, or other reasonable methods, and state reimbursement is not required for implementation costs.