state_legiscan_drain · IL
PROP TX-POLICE AND FIRE
January 31, 2025
Summary
If enacted, this bill would create a $5,000 homestead exemption from property taxes for the surviving spouse of a police officer or firefighter killed in the line of duty. The exemption reduces the equalized assessed value of the property and takes effect immediately. This change affects property tax calculations and escrow adjustments for mortgage servicers handling eligible borrowers.
Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=1405&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Common questions
- What does "PROP TX-POLICE AND FIRE" cover?
- If enacted, this bill would create a $5,000 homestead exemption from property taxes for the surviving spouse of a police officer or firefighter killed in…
- When was it published?
- It was published on January 31, 2025.