IL HB3079

Increases maximum reduction for Senior Citizen Homestead Exemption from $5,000 to $8,000 in counties with 3,000,000+ inhabitants and maintains $5,000 in other counties for taxable years 2017 and thereafter.

Increases maximum income limitation for Senior Citizen Assessment Freeze Homestead Exemption from $55,000 to $65,000 for taxable years 2017 and thereafter.

Increases maximum reduction for general homestead exemption from $7,000 to $10,000 in counties with 3,000,000+ inhabitants and maintains $6,000 in other counties for taxable years 2017 and thereafter.

Establishes minimum exemption of $2,000 for Senior Citizen Assessment Freeze Homestead Exemption in counties with 3,000,000+ inhabitants for taxable years 2017 and thereafter.

Takes effect immediately upon becoming law.