Bill Title: Amends the Property Tax Code. Provides that homestead property that is newly constructed is entitled to a homestead exemption limited to $75,000 per year in fair cash value, if that property is owned and used exclusively for a residential purpose, regardless of whether or not that property has been rebuilt following a catastrophic event. Provides that the chief county assessment officer shall award not more than $5,000,000 in exemptions under those provisions in any taxable year for property that has not been improved or newly constructed following a catastrophic event. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments
[SB2255 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2021-02-26 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois SB2255 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois SB2255 currently on file. |
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