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Bill

SB 2703

PROP TX-HISTORIC RESIDENCE

103rd Regular Session Introduced by Napoleon Harris and 2 co-sponsors

Illinois establishes property tax exemptions or special assessments for historic residences, reducing owner tax burdens while potentially decreasing municipal revenue.

Public Act . . . . . . . . . 103-1058
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Bill Summary · SB 2703

Legislative bill overview

SB 2703 establishes a property tax exemption or assessment methodology for historic residences in Illinois. The bill, sponsored by Laura Murphy, Michael Kelly, and Napoleon Harris, was approved by the Governor on December 20, 2024, and became effective on December 31, 2024 as Public Act 103-1058.

Why is this important

Historic property tax incentives affect municipal revenue, property owner costs, and preservation of culturally significant residences. This legislation creates either direct tax relief or special valuation for homeowners maintaining historic properties, potentially influencing both residential rehabilitation investments and local government budgets.

Potential points of contention

  • Municipal revenue impact: Property tax exemptions or reductions decrease local government funding for schools, services, and infrastructure, potentially shifting costs to non-historic property owners
  • Definition and qualification criteria: Disputes may arise over which properties qualify as "historic," whether based on age alone or architectural significance, and who determines eligibility
  • Equity concerns: Critics may argue the benefit primarily advantages wealthier homeowners in historic neighborhoods while providing no relief to owners of non-historic properties in similar financial situations

Compiled from official sources — confirm details with the bill’s official record.

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