IL HB5085

Increases the general homestead exemption from $6,000 to $7,500 beginning in taxable year 2012 for all counties.

Changes the exemption structure so that taxable years 2009-2011 retain the $6,000 maximum reduction, with the new $7,500 amount applying to taxable years 2012 and thereafter.

Maintains existing homestead exemption eligibility requirements and application procedures established under the Property Tax Code.

Takes effect immediately upon becoming law.