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IL HB5866
Bill
Status
1/7/2025
Primary Sponsor
Thaddeus Jones
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AI Summary
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Creates the South Suburban Property Tax Relief Homestead Exemption Pilot Program for taxable years 2025-2029, providing property tax credits up to $5,000 for qualifying homeowners in designated south suburban Cook County zip codes who have occupied their primary residence for at least 5 continuous years.
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Limits the Cook County Assessor to awarding credits to no more than 7,500 properties annually on a first-come, first-served basis, with applications due by January 1 of each taxable year.
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Establishes the South Suburban Property Tax Relief Fund to reimburse taxing districts for lost property tax revenue from the credits, funded by 1% transfers from cannabis regulation tax revenues and video gaming tax revenues until reaching 50% of total credits awarded.
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Requires the Cook County Treasurer to reimburse taxing districts for the difference between actual property tax collections and what would have been collected without the credit applied.
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Designates eligible zip codes as 60409, 60419, 60411, 60478, 60426, 60429, 60430, 60475, 60633, 60469, 60445, 60438, and 60473.
Legislative Description
PROP TX-SOUTH SUBURBAN CREDIT
Last Action
Session Sine Die
1/7/2025