Budget & Taxes (Property Tax)

Amends the Property Tax Code. Creates the South Suburban Property Tax Relief Homestead Exemption Pilot Program. Provides that, for taxable years 2026 through 2030, certain qualified homestead property that is used as the primary residence of an individual who has occupied the property for at least 5 continuous years as of January 1 of the taxable year is eligible for a credit against the property taxes imposed on that property. Provides that the amount of the credit is the lesser of (i) the property tax liability for the property for the applicable taxable year or (ii) $5,000. Contains provisions concerning applications for the pilot program. Provides that the Cook County Assessor may not award credits under the pilot program for more than 7,500 properties in any taxable year. Amends the State Finance Act. Creates the South Suburban Property Tax Relief Fund. Provides that moneys in the Fund shall be used to make reimbursements to taxing districts that are affected by the South Suburban Property Tax Relief Homestead Exemption Pilot Program. Makes changes to provisions concerning the Cannabis Regulation Fund to provide for transfers to the South Suburban Property Tax Relief Fund. Amends the Video Gaming Act to make conforming changes. Effective immediately.

Amends the Property Tax Code. Provides that the assessed value of non-income producing wooded acreage property may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately.

Amends the Fox Waterway Agency Act. Removes language providing that the Fox Waterway Agency shall not have the authority to impose any property tax. Allows the board of directors to levy and collect a general property tax on any property within the corporate limits of the Agency for the purpose of paying the cost of operating and maintaining the waterway and any other corporate expenses of the Agency.

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall establish a property tax rebate program that allows licensed, not-for-profit child care centers that were obligated to pay property taxes to a unit of local government or special district in the State to apply to the Department for a rebate of those taxes. Grants the Department rulemaking authority to implement this provision. Effective immediately.

Amends the Property Tax Code. Creates an abatement for property located in a blighted area if the owner of the property enters into an agreement with the corporate authorities of the municipality in which the property is located for the renovation, demolition, or improvement of the property. Provides that the abatement shall apply for a period of 20 years. Effective immediately.

Amends the Property Tax Code. Increases the maximum reduction for the general homestead exemption to $50,000 in counties with 3,000,000 or more inhabitants. Provides that for taxable years 2025 through 2027, the property tax liability for homestead property in Cook County that contains a single-family home or a multi-unit residential dwelling with fewer than 3 units shall not exceed the adjusted property tax liability for the property for the applicable tax year. Effective immediately.

Amends the Property Tax Code. Provides that the amount of unreimbursed medical and dental expenses incurred by members of the applicant's household during the taxable year may be deducted from the applicant's income for the purpose of determining eligibility for the low-income senior citizens assessment freeze homestead exemption. Effective immediately.

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension.

Amends the Property Tax Code. Provides that, for taxable years 2025 and thereafter, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 (currently, $65,000). Effective immediately.

Amends the Property Tax Code. Provides that, for taxable years 2026 and thereafter, the maximum income limitation for the senior citizens assessment freeze homestead exemption is $75,000 (currently, $65,000). Effective immediately.