Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1862 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1862 Introduced 2/5/2025, by Sen. Neil Anderson SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-177.1 new30 ILCS 805/8.49 new Amends the Property Tax Code. Establishes a homestead exemption for qualified homestead property that has been continuously owned, used, and occupied as the primary residence by the qualified taxpayer for at least 30 years any time prior to January 1 of the taxable year for which the exemption would apply. Requires taxpayers who have been granted an exemption to reapply on an annual basis. Provides that the assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption by application, visual inspection, questionnaire, or other reasonable methods. Sets forth provisions concerning the review of exemptions granted under the provisions. Defines "qualified homestead property" and "qualified taxpayer". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. LRB104 08380 HLH 18431 b STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1862 Introduced 2/5/2025, by Sen. Neil Anderson SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-177.1 new30 ILCS 805/8.49 new 35 ILCS 200/15-177.1 new 30 ILCS 805/8.49 new Amends the Property Tax Code. Establishes a homestead exemption for qualified homestead property that has been continuously owned, used, and occupied as the primary residence by the qualified taxpayer for at least 30 years any time prior to January 1 of the taxable year for which the exemption would apply. Requires taxpayers who have been granted an exemption to reapply on an annual basis. Provides that the assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption by application, visual inspection, questionnaire, or other reasonable methods. Sets forth provisions concerning the review of exemptions granted under the provisions. Defines "qualified homestead property" and "qualified taxpayer". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. LRB104 08380 HLH 18431 b LRB104 08380 HLH 18431 b STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1862 Introduced 2/5/2025, by Sen. Neil Anderson SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/15-177.1 new30 ILCS 805/8.49 new 35 ILCS 200/15-177.1 new 30 ILCS 805/8.49 new
4	4	35 ILCS 200/15-177.1 new
5	5	30 ILCS 805/8.49 new
6	6	Amends the Property Tax Code. Establishes a homestead exemption for qualified homestead property that has been continuously owned, used, and occupied as the primary residence by the qualified taxpayer for at least 30 years any time prior to January 1 of the taxable year for which the exemption would apply. Requires taxpayers who have been granted an exemption to reapply on an annual basis. Provides that the assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption by application, visual inspection, questionnaire, or other reasonable methods. Sets forth provisions concerning the review of exemptions granted under the provisions. Defines "qualified homestead property" and "qualified taxpayer". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
7	7	LRB104 08380 HLH 18431 b LRB104 08380 HLH 18431 b
8	8	LRB104 08380 HLH 18431 b
9	9	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
10	10	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
11	11	A BILL FOR
12	12	SB1862LRB104 08380 HLH 18431 b SB1862 LRB104 08380 HLH 18431 b
13	13	SB1862 LRB104 08380 HLH 18431 b
14	14	1 AN ACT concerning revenue.
15	15	2 Be it enacted by the People of the State of Illinois,
16	16	3 represented in the General Assembly:
17	17	4 Section 5. The Property Tax Code is amended by adding
18	18	5 Section 15-177.1 as follows:
19	19	6 (35 ILCS 200/15-177.1 new)
20	20	7 Sec. 15-177.1. The 30-year property homestead exemption.
21	21	8 (a) Notwithstanding any other provision of law, beginning
22	22	9 with taxable year 2025 and each taxable year thereafter,
23	23	10 qualified homestead property that has been continuously owned,
24	24	11 used, and occupied as the primary residence by a qualified
25	25	12 taxpayer for at least 30 years any time prior to January 1 of
26	26	13 the taxable year for which the exemption would apply is exempt
27	27	14 from taxation under this Code.
28	28	15 (b) Each taxpayer who has been granted an exemption under
29	29	16 this Section must reapply on an annual basis. The applications
30	30	17 shall be clearly marked as applications for the 30-year
31	31	18 property homestead exemption. The assessor or chief county
32	32	19 assessment officer shall annually give notice of the
33	33	20 application period by mail or by publication. Application must
34	34	21 be made during the application period in effect for the county
35	35	22 in which the property is located. The assessor or chief county
36	36	23 assessment officer may determine the eligibility of
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40	40	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1862 Introduced 2/5/2025, by Sen. Neil Anderson SYNOPSIS AS INTRODUCED:
41	41	35 ILCS 200/15-177.1 new30 ILCS 805/8.49 new 35 ILCS 200/15-177.1 new 30 ILCS 805/8.49 new
42	42	35 ILCS 200/15-177.1 new
43	43	30 ILCS 805/8.49 new
44	44	Amends the Property Tax Code. Establishes a homestead exemption for qualified homestead property that has been continuously owned, used, and occupied as the primary residence by the qualified taxpayer for at least 30 years any time prior to January 1 of the taxable year for which the exemption would apply. Requires taxpayers who have been granted an exemption to reapply on an annual basis. Provides that the assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption by application, visual inspection, questionnaire, or other reasonable methods. Sets forth provisions concerning the review of exemptions granted under the provisions. Defines "qualified homestead property" and "qualified taxpayer". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
45	45	LRB104 08380 HLH 18431 b LRB104 08380 HLH 18431 b
46	46	LRB104 08380 HLH 18431 b
47	47	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
48	48	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
49	49	A BILL FOR
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55	55	35 ILCS 200/15-177.1 new
56	56	30 ILCS 805/8.49 new
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60	60	LRB104 08380 HLH 18431 b
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62	62	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
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79	79	1 residential property to receive the homestead exemption
80	80	2 provided by this Section by application, visual inspection,
81	81	3 questionnaire, or other reasonable methods, including the
82	82	4 requirement for additional documentation from the applicant.
83	83	5 The assessor or chief county assessment officer may enter into
84	84	6 intergovernmental agreements with other governmental entities
85	85	7 to establish information sharing agreements for the purpose of
86	86	8 verifying applications made under this Section. The chief
87	87	9 county assessment official shall conduct, by no later than
88	88	10 December 31 of the first year of each reassessment cycle, as
89	89	11 determined by Section 9-215 or Section 9-220, whichever
90	90	12 applies, a review of all exemptions granted under this Section
91	91	13 for the preceding reassessment cycle. The review shall be
92	92	14 designed to ascertain whether any 30-year property homestead
93	93	15 exemptions have been granted erroneously.
94	94	16 (c) As used in this Section:
95	95	17 "Qualified homestead property" means real property located
96	96	18 in the State that has been granted an exemption under this
97	97	19 Section and that, as of January 1 of the taxable year:
98	98	20 (1) is residential property that is owned and occupied
99	99	21 by a qualified taxpayer as the qualified taxpayer's
100	100	22 principal residence and domicile; or
101	101	23 (2) contains a single-family residence that is
102	102	24 occupied as a principal residence and domicile by a
103	103	25 qualified taxpayer who has a legal or equitable interest
104	104	26 in the property as a lessee, as evidenced by a written
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115	115	1 instrument, and on which the qualified taxpayer is liable
116	116	2 for the payment of property taxes.
117	117	3 "Qualified taxpayer" means an individual who, for at
118	118	4 least 30 continuous years as of January 1 of the taxable
119	119	5 year, has occupied the same homestead property as a
120	120	6 principal residence and domicile.
121	121	7 Section 90. The State Mandates Act is amended by adding
122	122	8 Section 8.49 as follows:
123	123	9 (30 ILCS 805/8.49 new)
124	124	10 Sec. 8.49. Exempt mandate. Notwithstanding Sections 6 and
125	125	11 8 of this Act, no reimbursement by the State is required for
126	126	12 the implementation of any mandate created by this amendatory
127	127	13 Act of the 104th General Assembly.
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133	133	SB1862 - 3 - LRB104 08380 HLH 18431 b