IL HB5951

Sets the maximum General Homestead Exemption reduction at $7,000 in all counties for taxable year 2014 and thereafter (previously $7,000 for counties with 3,000,000+ inhabitants and $6,000 for other counties).

Indexes the maximum homestead exemption reduction annually to the Consumer Price Index for All Urban Consumers beginning in taxable year 2015, with increases calculated based on the prior calendar year's inflation rate.

Amends 35 ILCS 200/15-175 to establish uniform $7,000 maximum exemption across all Illinois counties starting in 2014, removing the previous distinction between large and small counties.

Takes effect immediately upon becoming law.