IL SB3429

Amends the Property Tax Code to establish a uniform general homestead exemption of $6,000 in all Illinois counties beginning with the 2012 assessment year.

Removes previous variable exemption amounts that differed by county population size ($4,500 for counties with 3,000,000+ inhabitants, $3,500 for others) and eliminates the complex exemption formula based on 1977 assessed values.

Applies the changes effective immediately upon becoming law, with implementation beginning with the 2012 assessment year.

Maintains provisions for additional exemptions for low-income homeowners (household income $30,000 or less) in counties that previously elected alternative assessment provisions.

Requires no state reimbursement to counties for implementation costs under the State Mandates Act.