SB2095

SB2095 amends the Property Tax Code to adjust the general homestead exemption for Illinois residents.

SB2095 amends the Property Tax Code to modify the general homestead exemption for Illinois residents. For taxable year 2025, the maximum reduction for the general homestead exemption is set at $10,000 in all counties. For taxable years 2026 and thereafter, the maximum reduction is adjusted based on the previous year's maximum reduction, increased by the lesser of 5% or the percentage increase in the Consumer Price Index.