IL SB1725

Creates a middle-class property tax credit for homestead property owners with household income at or below 200% of the state median household income, beginning in taxable year 2024.

Provides an annual homestead exemption equal to 5% reduction in equalized assessed value of the property, with a maximum exemption of $5,000 per taxpayer per year.

Requires cooperative associations and life care facilities to credit exemption savings only to the apportioned tax liability of the qualifying owner or resident, with willful refusal constituting a Class B misdemeanor.

Allows married persons maintaining separate homestead residences to each receive 50% of the total reduction in equalized assessed valuation.

Exempts the mandate from state reimbursement requirements and takes effect immediately upon becoming law.