IL HB4730

Department of Revenue shall establish a Municipal Property Tax Relief Reimbursement Pilot Program for State fiscal years beginning July 1, 2024 through June 30, 2029.

Program reimburses eligible municipalities for revenue loss from tax-exempt State property located within their jurisdictions, with reimbursement payments made through counties on behalf of municipalities.

Reimbursement amount equals the difference between property tax revenue that would have been collected if State property tax exemption had not applied and actual tax revenue collected, based on the taxable year 2 years before the fiscal year start.

Aggregate reimbursements across all municipalities may not exceed $100,000,000 in any calendar year, with amounts reduced pro rata if total eligible claims exceed the cap.

County clerk determines eligibility and submits consolidated applications to the Department of Revenue, which may audit the information for accuracy.