PROP TX-NEW CONSTRUCTION Senate SponsorsSen. Win Stoller 1/10/2023SenateSession Sine Die 35 ILCS 200/15-180Amends the Property Tax Code. Provides that homestead property that is newly constructed is entitled to a homestead exemption limited to $75,000 per year in fair cash value, if that property is owned and used exclusively for a residential purpose, regardless of whether or not that property has been rebuilt following a catastrophic event. Provides that the chief county assessment officer shall award not more than $5,000,000 in exemptions under those provisions in any taxable year for property that has not been improved or newly constructed following a catastrophic event. Effective immediately. 2/26/2021SenateFiled with Secretary by Sen. Win Stoller 2/26/2021SenateFirst Reading 2/26/2021SenateReferred to Assignments 3/23/2021SenateAssigned to Revenue 4/16/2021SenateRule 3-9(a) / Re-referred to Assignments 1/10/2023SenateSession Sine Die