Illinois HB2424 amends the Property Tax Code to adjust the maximum homestead exemption reductions for different counties and taxable years.
HB2424 amends the Property Tax Code to set the maximum homestead exemption reductions based on county population and taxable years. For taxable years 2023 and beyond, the maximum reduction is $10,000 in counties with 3,000,000 or more inhabitants, $8,000 in counties contiguous to such counties, and $6,000 in all other counties. The bill also specifies conditions for granting leasehold exemptions and defines "homestead property" to include leased-to-purchase or lease-option contracts.
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