IL HB2355

Increases the maximum general homestead exemption to $7,500 in all Illinois counties, effective for taxable years 2017 and thereafter (previously $7,000 in counties with 3,000,000+ inhabitants and $6,000 in all other counties).

Removes the distinction between large and small counties for homestead exemption purposes by establishing a uniform $7,500 maximum reduction in equalized assessed value statewide.

Amends 35 ILCS 200/15-175 (Property Tax Code) to implement the increased exemption amount uniformly across all counties.

Takes effect upon becoming law with no state reimbursement required to counties for implementation under the State Mandates Act.