IL HB5273

Reduces the equalized assessed value of qualified nursing homes by 50% for taxable year 2025 and thereafter.

Qualified nursing homes must be licensed under the Nursing Home Care Act and located in a census tract with median household income less than 150% of the federal poverty level.

Qualified nursing homes must have at least 90% of their resident population eligible for Medicaid.

Nursing homes must apply to their county's chief assessment officer in the form and manner required, submitting necessary supporting documentation.

Effective immediately upon passage.