Illinois HB 4871: PROP TX-LONG-TIME OCCUPANT

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 Full Text of HB4871

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4871

Introduced , by Rep. Amy Elik 

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-177

 Amends the Property Tax Code. Provides that, beginning with taxable year 2027, the long-time occupant homestead exemption applies in all counties. Effective immediately.

LRB104 17773 HLH 31205 b

A BILL FOR

HB4871LRB104 17773 HLH 31205 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 changing 

5Section 15-177 as follows:

6 (35 ILCS 200/15-177)

7 Sec. 15-177. The long-time occupant homestead exemption.

8 (a) Qualified If the county has elected, under Section 

915-176, to be subject to the provisions of the alternative 

10general homestead exemption, then, for taxable years 2007 and 

11thereafter, regardless of whether the exemption under Section 

1215-176 applies, qualified homestead property is entitled to an 

13annual homestead exemption equal to a reduction in the 

14property's equalized assessed value calculated as provided in 

15this Section. If the county has elected, under Section 15-176, 

16to be subject to the provisions of the alternative general 

17homestead exemption, then this Section applies beginning in 

18taxable year 2007, regardless of whether the exemption under 

19Section 15-176 applies. In all other counties, this Section 

20applies beginning in taxable year 2027. 

21 (b) As used in this Section:

22 "Adjusted homestead value" means the lesser of the 

23following values:

HB4871- 2 -LRB104 17773 HLH 31205 b

1 (1) The property's base homestead value increased by: 

2 (i) 10% for each taxable year after the base year through