IL HB5867

Creates a new 5-year property homestead exemption in Cook County, effective for taxable year 2025 and thereafter.

Caps aggregate property taxes on qualified homestead property at $5,000 per taxable year, with collected taxes distributed to taxing districts according to their proportionate share.

Qualifies individuals who have occupied the same homestead property as their principal residence and domicile for at least 5 continuous years as of January 1 of the taxable year.

Includes both owner-occupied residential property and single-family residences occupied by lessees with legal or equitable interest and liability for property taxes.

Requires qualified taxpayers to submit applications to the county assessor during specified application periods, with the assessor maintaining and distributing annual lists of exempted properties to the State Treasurer and taxing district authorities.