Illinois HB3724 amends the Property Tax Code to adjust the general homestead exemption for property tax years 2023 and beyond.
Illinois HB3724 amends the Property Tax Code to modify the general homestead exemption for property tax years 2023 and beyond. The bill sets the maximum reduction at $10,000 for counties with 3,000,000 or more inhabitants, $8,000 for counties contiguous to such counties, and $6,000 for all other counties. It also introduces an additional exemption of $5,000 for owners with a household income of $30,000 or less, provided they have not been granted a senior citizens assessment freeze homestead exemption or a long-time occupant homestead exemption.
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