Homestead Exemption measure SB 41 signed by Quinn, becomes law

A multi-year fight to alter a policy that could have hurt consumers ended Tuesday with Gov. Pat Quinn’s signature.

The measure passed both the Illinois House and senate unanimously in the waning days of the 98th General Assembly, after tireless work by IAR’s members.

The bill treats the unknowing property taxpayer, who simply failed to pro-actively determine and notify the Assessor of their ineligibility, in a much fairer way than what was initially introduced.

The bill also enhances the information provided to property taxpayers to ensure that the property owner claims only those exemptions for which they are qualified and contains an amnesty period for this year and going forward as part of the assessment notice.

Read the billWatch a video about the fightLearn about the impact

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About Jon Broadbooks

Jon Broadbooks is Vice President/Communications for Illinois REALTORS®. He serves as editor of online and print content for the association’s communications including the Illinois REALTOR® magazine and e-newsletters. He conducts spokesperson training seminars and oversees website development for the Association.

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