IL HB5081

Amends the Property Tax Code to make the alternative general homestead exemption permanent, replacing the previous time-limited provision.

Increases the homestead exemption amount to $60,000 for taxable year 2011 and all subsequent years (previously capped at lower amounts varying by assessment year).

Applies to counties that have elected to use this exemption in lieu of the general homestead exemption under Section 15-175, with implementation requirements for Cook County and other counties.

Maintains the adjusted homestead value calculation based on the property's base homestead value increased by 7% annually or the equalized assessed value minus specified deductions, whichever is less.

Takes effect immediately upon becoming law.