Illinois General Assembly - Bill Status for HB5540

Amends the Property Tax Code and the Illinois Municipal Code. Authorizes corporate authorities of a municipality may designate an area of the municipality as a blighted homestead area. Sets forth the requirements and the procedures for making this designation. Provides that the designation for a blighted homestead area becomes effective at the beginning of the next taxable year after the ordinance is adopted and continues for the next 6 taxable years thereafter. Provides that blighted homestead property is entitled to an annual homestead exemption in an amount equal to the equalized assessed value of the residence in that current taxable year minus the equalized assessed value of the residence during the taxable year in which a municipality designated the property to be a blighted homestead. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

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