Bill > HB4626

This bill, effective immediately, modifies the Property Tax Code to adjust the general homestead exemption for taxable years 2026 and beyond. The homestead exemption, which reduces the taxable value of a primary residence, will now be calculated as the sum of a fixed amount based on county population and a variable amount representing the increase in the property's equalized assessed value (EAV) since a "base year," defined as the last year the property was sold, transferred, or conveyed before the current tax year. Specifically, for counties with 3,000,000 or more residents, the fixed amount will be $10,000; for counties bordering such large counties, it will be $8,000; and for all other counties, it will be $6,000. This change aims to provide a more dynamic property tax relief for homeowners by accounting for both general population-based thresholds and individual property value increases over time.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4626&GAID=18&DocTypeID=HB&SessionID=114&GA=104