summary
Introduced
01/27/2021
01/27/2021
In Committee
02/18/2022
02/18/2022
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd General Assembly
Bill Summary
Amends the Property Tax Code. Provides that the maximum reduction for the senior homestead exemption is $9,000 in counties with a population of more than 500,000 but not more than 1,000,000, $8,000 in counties with 3,000,000 or more inhabitants, and $5,000 in all other counties. Provides that the corporate authorities of the City of Chicago or the county board of a county with 3,000,000 or more inhabitants may, by ordinance, increase the maximum reduction for the senior homestead exemption for property under the jurisdiction of that city or county to not more than $9,000. Provides that the maximum reduction for the general homestead exemption is $12,000 in counties with a population of more than 500,000 but not more than 1,000,000, $10,000 in counties with 3,000,000 or more inhabitants, and $6,000 in all other counties. Provides that the corporate authorities of the City of Chicago or the county board of a county with 3,000,000 or more inhabitants may, by ordinance, increase the maximum reduction for the general homestead exemption for property under the jurisdiction of that city or county to not more than $12,000.
AI Summary
This bill amends the Property Tax Code to increase the maximum reduction for the senior homestead exemption and the general homestead exemption in certain counties. Specifically, it raises the maximum reduction for the senior homestead exemption to $9,000 in counties with a population of more than 500,000 but not more than 1,000,000, $8,000 in counties with 3,000,000 or more inhabitants, and $5,000 in all other counties. It also allows the City of Chicago or a county with 3,000,000 or more inhabitants to further increase the maximum reduction for the senior homestead exemption to up to $9,000 through an ordinance. Similarly, the bill raises the maximum reduction for the general homestead exemption to $12,000 in counties with a population of more than 500,000 but not more than 1,000,000, $10,000 in counties with 3,000,000 or more inhabitants, and $6,000 in all other counties, with the City of Chicago or a county with 3,000,000 or more inhabitants able to further increase the maximum reduction to up to $12,000 through an ordinance.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 02/18/2022)
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