Bill > HB1837

This bill amends the Property Tax Code to increase the maximum homestead property tax exemption and provide temporary tax relief for certain homeowners in Cook County. Specifically, the bill raises the maximum reduction for the general homestead exemption to $50,000 in counties with 3,000,000 or more inhabitants (which primarily affects Cook County) for taxable years 2025 and thereafter. Additionally, for taxable years 2025 through 2027, the bill limits property tax liability for single-family homes and multi-unit residential dwellings with fewer than 3 units in Cook County to not exceed the "adjusted property tax liability" for the property. The adjusted property tax liability is defined as the base year (2018) property tax liability increased by 5% for each subsequent tax year, with special provisions for properties sold or transferred during this period. This legislation aims to provide substantial property tax relief for homeowners in larger counties, particularly those in the Chicago metropolitan area, by reducing the taxable assessed value of residential properties and capping potential tax increases.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1837&GAID=18&DocTypeID=HB&SessionID=114&GA=104