HB2208 Summary

• Senior homestead exemption maximum reduction increases to $9,000 in counties with 500,000-1,000,000 population, $8,000 in counties with 3,000,000+ population, and $5,000 in all other counties, effective for taxable years 2019 and thereafter.

• General homestead exemption maximum reduction increases to $12,000 in counties with 500,000-1,000,000 population, $10,000 in counties with 3,000,000+ population, and $6,000 in all other counties, effective for taxable years 2019 and thereafter.

• City of Chicago and counties with 3,000,000+ inhabitants may increase maximum reductions for both exemptions to $9,000 and $12,000 respectively through ordinance, with the change effective the next taxable year after passage.

• Ordinances increasing exemption amounts must be transmitted to the county clerk.