Illinois REALTORS® successfully lobby for fairer erroneous homestead exemption bill

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).

This entry was posted in Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.