IL HB1495

Establishes a Property Tax Relief Pilot Program administered by the Department of Revenue to provide eligible homeowners with a one-time direct relief payment based on a percentage of their 2025 property tax liability

Creates the Property Tax Relief Program Fund of 2026, funded with a $6 billion transfer from the General Revenue Fund on July 1, 2026

Requires homeowners to apply by August 31, 2026, with payments disbursed no later than December 31, 2026; only one payment allowed per qualifying parcel

Eligible properties must be classified as residential and occupied as the owner's principal dwelling on January 1, 2025, with the owner liable for 2025 property taxes

Department must submit a report to the Governor and General Assembly by September 1, 2027 summarizing payments distributed, total amounts by household market value, and recommendations for future property tax relief; program repeals January 1, 2028