103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5867
 
Introduced 11/12/2024, by Rep. Thaddeus Jones
 
SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-177.1 new
    Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.


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A BILL FOR
 
HB5867LRB103 41288 HLH 74505 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding 
5Section 15-177.1 as follows:
 
6    (35 ILCS 200/15-177.1 new)
7    Sec. 15-177.1. The 5-year property homestead exemption.
8    (a) Notwithstanding any other provision of law, for 
9taxable year 2025 and each taxable year thereafter, in Cook 
10County, the aggregate amount of property taxes levied against 
11any parcel of qualified homestead property in any taxable year 
12may not exceed $5,000. The property taxes collected for the 
13qualified homestead property shall be distributed to the 
14taxing districts in which the property is located according to 
15each taxing district's proportionate share of the qualified 
16homestead property's aggregate liability. 
17    (b) To receive the exemption under this Section, the 
18qualified taxpayer must submit an application to the county 
19assessor during the application period specified by the county 
20assessor. The applications shall be clearly marked as 
21applications for the 5-year property homestead exemption. The 
22county assessor shall annually give notice of the application 
23period by mail or by publication. The assessor or chief county 
 
 
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1assessment officer may determine the eligibility of 
2residential property to receive the homestead exemption 
3provided by this Section by application, visual inspection, 
4questionnaire, or other reasonable methods. Each year, the 
5county assessor shall compile a list of properties that have 
6been granted a homestead exemption under this Section and 
7shall provide that list to the State Treasurer and to the 
8corporate authorities of each taxing district located within 
9the county. 
10    (c) As used in this Section: 
11    "Qualified homestead property" means real property located 
12in Cook County that has been granted an exemption under this 
13Section and that, as of January 1 of the tax year:
14            (1) is residential property that is owned and 
15    occupied by a qualified taxpayer as the qualified 
16    taxpayer's principal residence and domicile; or
17            (2) contains a single family residence that is 
18    occupied as a principal residence and domicile by a 
19    qualified taxpayer who has a legal or equitable interest 
20    in the property as a lessee, as evidenced by a written 
21    instrument, and on which the qualified taxpayer is liable 
22    for the payment of property taxes.
23    "Qualified taxpayer" means an individual who, for at least 
245 continuous years as of January 1 of the taxable year, has 
25occupied the same homestead property as a principal residence 
26and domicile. 
 
 
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1    (d) Notwithstanding Sections 6 and 8 of the State Mandates 
2Act, no reimbursement by the State is required for the 
3implementation of any mandate created by this Section. 
 
4    Section 99. Effective date. This Act takes effect upon 
5becoming law.