IL HB5200

Creates a new homestead exemption for municipal workers in counties with 1,000,000 or more inhabitants (Cook County), beginning in taxable year 2027

Provides a 5% reduction from the equalized assessed value for qualifying properties owned and occupied as a principal residence

Defines "qualified municipal worker" as a full-time municipal employee who is required to reside in that municipality as a condition of employment

Exemption can be combined with other existing homestead exemptions under Article 15 of the Property Tax Code

No state reimbursement is required for local governments implementing this mandate