After two years of intense negotiations, the Illinois Association of REALTORS® reached an agreement with the Cook County Assessor on Senate Bill 41, legislation creating greater penalties for erroneous homestead exemptions. A more narrowly defined, and fairer bill, was approved by the Illinois Senate today and now goes to the House for consideration.
In its initial form, the bill could have caught up unsuspecting homeowners in a web of financial trouble for a mistakenly claimed homestead exemption. IAR fought for changes in the legislation so that the unknowing property taxpayer, who simply failed to pro-actively determine and notify the assessor of their ineligibility, is treated in a much fairer way.
Under the amended language, SB41 is limited to Cook County and includes amnesty. The Cook County Assessor would have to provide property owners more information on their assessment notices about the exemption, including eligibility and potential penalties. See SB41 for details.
A procedure for dealing with erroneous homestead exemptions in all other counties was the subject of HB1604, which is also pending this year.
IAR members, learn more by reading the latest State Capitol Report (log in required).