IL HB1167

Creates the South Suburban Property Tax Relief Homestead Exemption Pilot Program for taxable years 2026-2030, providing eligible homeowners in designated Cook County zip codes a property tax credit of up to $5,000 annually

Requires property owners to have occupied their home as a primary residence for at least 5 continuous years to qualify, and limits eligibility to once every 3 years per property

Caps the program at 7,500 properties per year, with credits awarded on a first-come, first-served basis through the Cook County Assessor

Establishes the South Suburban Property Tax Relief Fund to reimburse taxing districts for lost revenue, funded by redirecting 1% of Cannabis Regulation Fund transfers and 1% of video gaming tax revenue during the pilot period

Eligible zip codes include: 60409, 60411, 60419, 60426, 60428, 60429, 60430, 60438, 60445, 60469, 60473, 60475, 60478, and 60633