Bill > SB2095

This bill amends the Property Tax Code to modify the general homestead exemption provisions for residential property owners. For the 2025 tax year, the bill establishes a maximum reduction of $10,000 in homestead property value for taxation purposes across all counties, regardless of county population. For 2026 and subsequent years, the maximum reduction will be tied to the previous year's maximum reduction, with an annual increase limited to either 5% or the percentage increase in the Consumer Price Index (CPI) during the 12-month period ending on September 30 of the preceding year. The CPI is defined as the index published by the Bureau of Labor Statistics that measures average price changes for goods and services purchased by urban consumers. The bill aims to provide a predictable and controlled mechanism for adjusting homestead property tax exemptions, ensuring that homeowners receive some protection against rising property valuations while maintaining a reasonable cap on exemption increases.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2095&GAID=18&DocTypeID=SB&SessionID=114&GA=104