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IL SB3150
Bill
Status
Failed
1/7/2025
Primary Sponsor
Steve Stadelman
Click for details
AI Summary
- Creates a homestead property exemption beginning in taxable year 2025 for properties located in special flood hazard areas identified by the Federal Emergency Management Agency
- Exemption reduces the property's equalized assessed value by $5,000
- Properties are ineligible if the primary residence was constructed after the property was included in the special flood hazard area, or if household income exceeds 120% of the area median income as defined by the U.S. Department of Housing and Urban Development
- Requires taxpayers to submit an application to the county assessor by July 1 each year, though counties may establish a different deadline by resolution
- State is not required to reimburse counties for implementation costs under the State Mandates Act
Legislative Description
PROP TX-FLOOD HAZARD
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments5/3/2024
Revenue2/14/2024
Assignments2/6/2024
Full Bill Text
No bill text available