Illinois Governor Signs Law Creating Homestead Exemption for New Constructions

The Illinois Governor Aug. 9 signed a law creating a homestead exemption for new residential constructions. The law provides that newly constructed homestead property in an eligible area is entitled to a residential new construction homestead exemption equal to 50 percent of the property assessed value in the current taxable year. The exemption continues for 10 consecutive taxable years or until the property is sold, transferred, or conveyed to a subsequent owner. The law takes effect Aug. 9. [H.B. 1377, enacted 08/09/24]

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