IL SB1320

Amends the Property Tax Code Section 15-15 regarding filing requirements for leases of exempt property.

Requires titleholders or owners of beneficial interests in exempt property that is leased, loaned, or made available for profit to file copies of all leases or agreements with the county assessment officer.

Allows the chief county assessment officer to terminate the property's tax exemption if the titleholder or owner fails to file required leases, agreements, or property descriptions.

Makes titleholders or owners of beneficial interests liable for any unpaid taxes up to the amount they received under the lease or agreement if they fail to comply and no other party to the lease files the required documents.