IL HB3410

Amends the Property Tax Code to create a new "cultural heritage abatement" allowing eligible residents to petition for up to 50% reduction in property taxes on their primary residence

Applies to residents living in cultural districts designated by the Department of Commerce and Economic Opportunity

Defines "qualified resident" as someone who represents the culture indicated in the cultural district as threatened by displacement, or is a member of a protected class

Requires qualified residents to attest they are threatened by displacement due to rising property tax levies and inflated property values caused by real estate speculation