IL HB3715

Sets the maximum General Homestead Exemption reduction to $7,000 for all counties starting in taxable year 2015, replacing the previous tiered system that varied by county population.

Implements automatic annual indexing of the maximum exemption to the Consumer Price Index for All Urban Consumers beginning in taxable year 2016 and thereafter.

Eliminates the distinction between counties with 3,000,000 or more inhabitants (previously $7,000) and smaller counties (previously $6,000), creating a uniform $7,000 maximum across all Illinois counties.

Takes effect immediately upon becoming law.