IL HB5775

For taxable years 2018 and thereafter, increases the maximum senior citizens homestead exemption to $8,000 in Cook, DuPage, Lake, McHenry, and Will Counties and $5,000 in all other counties (previously based on counties with 3,000,000+ inhabitants).

For taxable years 2018 and thereafter, increases the maximum general homestead exemption to $10,000 in Cook, DuPage, Lake, McHenry, and Will Counties and $6,000 in all other counties (previously based on counties with 3,000,000+ inhabitants).

Modifies exemption thresholds from a population-based system (counties with 3,000,000+ inhabitants) to a county-specific system naming the five largest Illinois counties.

Takes effect immediately upon becoming law.