Bill > HB2639

This bill amends the Property Tax Code to modify the general homestead exemption amount for different counties. Specifically, for taxable years 2026 and thereafter, the bill establishes a uniform maximum reduction of $10,000 in homestead property taxes across all counties, regardless of population size. Previously, the maximum reduction varied based on county population, with different amounts for counties with 3,000,000 or more inhabitants, counties contiguous to such large counties, and smaller counties. The homestead exemption applies to residential properties occupied by owners as their principal dwelling place, reducing the property's equalized assessed value based on the increase in value since 1977. This change means that homeowners in all counties will now receive the same maximum property tax reduction of $10,000, potentially providing more consistent tax relief across the state. The bill takes effect immediately, with the new $10,000 maximum reduction applying to tax years starting in 2026.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2639&GAID=18&DocTypeID=HB&SessionID=114&GA=104