HB4626

Illinois HB4626 amends the Property Tax Code to adjust the general homestead exemption for taxable years 2026 and beyond.

HB4626 modifies the Property Tax Code to change the general homestead exemption for taxable years 2026 and thereafter. The bill sets the exemption amount as the sum of: $10,000 for counties with 3,000,000 or more inhabitants, $8,000 for counties contiguous to such large counties, and $6,000 for all other counties. Additionally, it includes the difference between the equalized assessed value for the current taxable year and the base year value. The bill also outlines specific conditions for leasehold exemptions and provides guidelines for verifying applicant information.