Budget & Taxes (Property Tax)

Amends the Property Tax Code. Provides that, on and after July 1, 2026, any bill to amend an existing homestead exemption or to create a new homestead exemption shall include the submission of an impact statement prepared by the sponsor of the bill. Provides that the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption shall be $85,000 for taxable year 2025 and shall be subject to a cost-of-living adjustment in subsequent years. Provides that, for any tax certificates held by a county, the county clerk may create and administer a payment plan during the redemption period. Amends the Senior Citizens Real Estate Tax Deferral Act. Makes changes concerning the maximum household income. Effective immediately.

Amends the Property Tax Code. Provides that, on and after July 1, 2026, any bill to amend an existing homestead exemption or to create a new homestead exemption shall include the submission of an impact statement prepared by the sponsor of the bill. Provides that the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption shall be $85,000 for taxable year 2025 and shall be subject to a cost-of-living adjustment in subsequent years. Provides that, for any tax certificates held by a county, the county clerk may create and administer a payment plan during the redemption period. Amends the Senior Citizens Real Estate Tax Deferral Act. Makes changes concerning the maximum household income. Effective immediately.

Amends the Property Tax Code. Provides that the fair cash value of commercial energy storage system improvements in counties with fewer than 3,000,000 inhabitants shall be determined by subtracting the allowance for physical depreciation from the commercial energy storage system trended real property cost basis. Provides that those commercial energy storage systems are not subject to equalization factors applied by the Department of Revenue or by any board of review, assessor, or chief county assessment officer. Provides that the owner of the commercial energy storage system shall commission a metes and bounds survey description of the land upon which the commercial energy storage system is located. Contains other provisions concerning the assessment of commercial energy storage systems. Effective immediately.

Amends the Property Tax Code. Creates a senior citizens homestead school levy exemption for property that is improved with a permanent structure that is occupied as a primary residence by an applicant who (i) is 65 years of age or older during the taxable year, (ii) has a household income that does not exceed the maximum income limitation, (iii) is liable for paying real property taxes on the property, (iv) is an owner of record of the property or has a legal or equitable interest in the property as evidenced by a written instrument, if no individual residing at the real property is or will be enrolled in a public school. Effective immediately.

Amends the Property Tax Code. Provides that the long-time occupant homestead exemption applies in all counties beginning with taxable year 2026. Effective immediately.

Amends the Senior Citizens and Persons with Disabilities Property Tax Relief Act. Changes the income eligibility levels for programs that use the income limits in the Act for eligibility determinations.

Amends the Property Tax Code. Provides that property that is donated, granted, received, or used for a licensed not-for-profit child care center is exempt.

Amends the Property Tax Code. Provides that the total property tax bill for any property receiving the senior citizens homestead exemption may not exceed 101% of the tax bill for the immediately preceding taxable year, unless the increase is due to improvements to the property that increased the property's fair market value in the applicable tax year.

Amends the Property Tax Code. Provides that a county opting out of the special assessment programs to reduce the assessed value of certain residential real property shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation prior to the county opting out. Requires that the special assessment programs be available to all qualifying residential real property regardless of whether or not the property has or is currently receiving any other public financing or subsidies or subject to any regulatory agreements with any public entity, or both. If an owner is approved for the reduced valuation prior to December 31, 2037 and the provisions are not subsequently extended, this shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation. Provides that, if the chief county assessment officer has not created application forms, the chief county assessment officer shall make publicly available and accept applications forms that shall be available to local governments from the Illinois Department of Revenue. If a county Internet website exists, the application materials, as well as any other program requirements used by the county (such as application deadlines, fees, and other procedures required by the application) must be published on that website, otherwise it must be available to the public upon request at the office of the chief county assessment officer. On an annual basis, requires the Illinois Housing Development Authority to calculate and make available on its website the minimum per square foot expenditure requirements to be applicable statewide to be eligible for the reduced valuation, which shall include the historical annual expenditure requirements starting with calendar year 2021. Changes reference to improvements to existing residential real property to substantially rehabilitated residential real property. Makes other changes.

Amends the Property Tax Code. In provisions concerning the homestead exemption for veterans with disabilities and veterans of World War II, provides that, if the taxpayer is the surviving spouse of a veteran whose death was determined to be service-connected or (currently, and) the taxpayer is certified by the United States Department of Veterans Affairs as a recipient of dependency and indemnity compensation, then the first $250,000 in equalized assessed value of the property is exempt from taxation under the Code. Effective immediately.