HB5779 Summary

• Changes senior citizens homestead exemption maximum reduction to $8,000 in Cook, DuPage, Lake, McHenry, and Will Counties and $5,000 in all other counties for taxable years 2018 and thereafter (previously based on county population of 3,000,000+ inhabitants).

• Changes general homestead exemption maximum reduction to $10,000 in Cook, DuPage, Lake, McHenry, and Will Counties and $6,000 in all other counties for taxable years 2018 and thereafter (previously based on county population of 3,000,000+ inhabitants).

• Amends the Property Tax Code Sections 15-170 and 15-175 to replace population-based thresholds with named county designations for homestead exemption limits.

• Takes effect immediately upon becoming law.