IL HB5433

Creates the Circuit Breaker Property Tax Relief Act to provide grants to Illinois homeowners experiencing sudden property tax increases of 25% or more year-over-year in large counties (250,000+ residents) or 20% in smaller counties

Eligible claimants must be Illinois domiciled, receive a general homestead exemption, and have household income not exceeding 4 times the federal poverty level

Maximum grant amount is 50% of the property tax bill spike, with increases of $500 or less excluded from eligibility

Establishes the Circuit Breaker Property Tax Relief Fund in the State treasury, with the Comptroller transferring $10 per residential parcel to participating counties for grant disbursement

Chief County Assessment Officers administer the program, determining eligibility and processing online applications, with claims filed after January 1 and no later than one year after the tax year ends