Recently, State Senator Emil Jones III (D-Chicago), had a measure he sponsored signed into law that helps new homeowners their property tax bill. Senate Bill 780 requires county assessors to mail information to new homeowners regarding the rules and filing periods for applying and reapplying for exemptions.
“When homes are purchased, especially by first time homeowners, it’s important that we provide them with information about saving possibilities,” Senator Jones said. “This new law is fair and will help families focus their finances on living expenses and future investments.”
The new law also requires new homeowner to apply or reapply for any homestead exemptions that the property is eligible to receive. If the new owner does not apply/reapply for exemptions, the property no longer qualifies for an existing exemption, the legislation requires the assessor to cancel the exemption for the current year.
Public Act 99-0164 takes effect immediately.