HB3724

Adjusts the general homestead exemption for property tax purposes in Illinois.

Adjusts the general homestead exemption for property tax purposes in Illinois. Specifies that the exemption amount varies by county population and taxable year. Provides that the exemption amount is the increase in the equalized assessed value of the property above the 1977 value, up to a maximum. Requires the owner to notify the chief county assessment officer if the property is no longer occupied as a principal residence. Sets a maximum tax bill for properties receiving the exemption, not exceeding 103% of the previous year's tax bill.