IL HB5762

Increases the maximum General Homestead Exemption reduction from $6,000 to $7,000 for taxable year 2012 in all Illinois counties.

Beginning in taxable year 2013 and thereafter, indexes the maximum exemption reduction annually to the Consumer Price Index for All Urban Consumers published by the United States Bureau of Labor Statistics.

Changes the provision for taxable years 2009 through 2011 from "and thereafter" to specify only through 2011, establishing the $6,000 maximum for those years before the 2012 increase takes effect.

Maintains existing homestead exemption eligibility requirements and application procedures for residential owner-occupied property.

Takes effect immediately upon becoming law.