IL SB3978

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

Eligibility requires receiving a general homestead exemption, having household income at or below 4 times the federal poverty level, and maintaining consistent property ownership and classification since the reassessment period preceding 2022

Maximum grant amount equals 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, which can accept state and other entity contributions, with payments timed to coincide with final property tax installments

County Chief Assessment Officers administer the program, including determining eligibility, processing online applications, and distributing funds transferred from the Comptroller at $10 per residential parcel initially