Establishes a "property tax relief fund," which would be used to pay refunds to Illinois property taxpayers (subject to the appropriations of future General Assemblies). The rebates would be funded by the state, in part through a proposed “Fair Tax” constitutional amendment and would not take effect until January 2021.
Process: Within 30 days after the last day of the application period for general homestead exemptions in the county, each chief county assessment officer shall certify to the State Comptroller the total number of general homestead exemptions granted for homestead property in that county for the applicable property tax year. After receiving certifications from each county the State Comptroller shall calculate a property tax rebate amount for the applicable property tax year by dividing the total amount appropriated from the Illinois Property Tax Relief
Fund (IPTRF) for the purpose of making rebates by the total number of homestead exemptions granted for homestead property in the State.
The county treasurer shall reduce each property tax bill for homestead property by the property tax rebate amount and shall include a separate line item on each property tax bill stating the property tax rebate amount from the IPTRF. Within 60 days after calculating the property tax rebate amount, the State Comptroller shall make distributions from the IPTRF to each county. The amount allocated to each county shall be the property tax rebate amount multiplied by the number of general homestead exemptions granted in the county for the applicable property
tax year. The county treasurer shall distribute each taxing district's share of property tax collections and distributions from the IPTRF to those taxing districts as provided by law.