Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 5/208

(35 ILCS 5/208) (from Ch. 120, par. 2-208)

Sec. 208. Tax credit for residential real property taxes.

Beginning with tax years ending on or after December 31, 1991,
every individual taxpayer shall be entitled to a tax credit equal
to 5% of real property taxes paid by such taxpayer during the
taxable year on the principal residence of the taxpayer. In the
case of multi-unit or multi-use structures and farm dwellings,
the taxes on the taxpayer's principal residence shall be that
portion of the total taxes which is attributable to such principal
residence. Notwithstanding any other provision of law, for taxable years beginning on or after January 1, 2017, no taxpayer may claim a credit under this Section if the taxpayer's adjusted gross income for the taxable year exceeds (i) $500,000, in the case of spouses filing a joint federal tax return, or (ii) $250,000, in the case of all other taxpayers.

(Source: P.A. 101-8, see Section 99 for effective date; 102-558, eff. 8-20-21.)