IL SB1284

Amends the Property Tax Code to allow county boards to designate geographic areas experiencing excessive flooding as flood zones beginning in tax year 2024.

Designations of flood zones are made by county board ordinance and apply to the specific tax year in which the area experiences excessive flooding.

Homestead property located within a designated flood zone is eligible for a $5,000 reduction from the property's equalized assessed value.

Defines "homestead property" as having the meaning given in Section 15-175 of the Property Tax Code.