HB2639

Illinois HB2639 amends the Property Tax Code to adjust the maximum reduction for the general homestead exemption, setting it at $10,000 for all.

HB2639 amends the Property Tax Code to modify the general homestead exemption for residential properties. It sets the maximum reduction at $10,000 for all counties starting from the 2026 tax year. The bill also outlines procedures for property owners to apply for the homestead exemption, including the submission of an affidavit detailing household income and other relevant information. Additionally, it specifies that if a property is sold, the homestead exemption remains in effect for the remainder of the assessment year of the sale.