Illinois General Assembly - Bill Status for HB1326
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 Bill Status of HB1326  104th General Assembly


Short Description:  PROP TX-5-YEAR HOMESTEAD

House Sponsors
Rep. Thaddeus Jones

Hearings
Revenue & Finance Committee Hearing Feb 20 2025 8:00AM Capitol Building 114 and Virtual Room 1 Springfield, IL


Last Action
DateChamber Action
  2/11/2025HouseAssigned to Revenue & Finance Committee

Statutes Amended In Order of Appearance
35 ILCS 200/15-177.1 new


Synopsis As Introduced
Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.

Actions 
DateChamber Action
  1/14/2025HouseFiled with the Clerk by Rep. Thaddeus Jones
  1/28/2025HouseFirst Reading
  1/28/2025HouseReferred to Rules Committee
  2/11/2025HouseAssigned to Revenue & Finance Committee

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