SB2092 Summary

• Establishes a State Property Tax Relief Reimbursement Pilot Program administered by the Department of Revenue for State fiscal years beginning July 1, 2023 through June 30, 2028.

• Reimburses taxing districts for property tax revenue losses associated with exemptions under Section 15-55 of the Property Tax Code, with payments made through county applications to the Department.

• Reimbursement amount equals the difference between property tax revenue that would have been collected without the Section 15-55 exemptions and actual revenue collected for the taxable year that falls 2 years before the State fiscal year start.

• Caps aggregate annual reimbursements at $15,000,000, with pro rata reductions applied to all participating taxing districts if total eligible reimbursements exceed the cap.

• Becomes effective immediately upon enactment.