IL HB2424

Expands the definition of "homestead property" for the general homestead exemption to include properties occupied as a principal dwelling under lease-to-purchase or lease-option contracts, where the occupant is liable for property tax payments

Takes effect beginning with taxable year 2026 and applies to all subsequent taxable years

Amends Section 15-175 of the Illinois Property Tax Code (35 ILCS 200/15-175)

Allows individuals in rent-to-own or lease-option arrangements to qualify for the same property tax reduction benefits currently available to traditional homeowners and certain leaseholders