IL HB2807

Increases the maximum senior citizens homestead exemption to $8,000 in all counties for taxable years 2019 and thereafter (previously $8,000 in counties with 3,000,000+ inhabitants and $5,000 in other counties).

Increases the maximum general homestead exemption for taxable years 2019 and thereafter to $10,000 in counties with 3,000,000 or more inhabitants and $8,000 in all other counties (previously $10,000 and $6,000 respectively).

Amends the Property Tax Code Sections 15-170 and 15-175 to modify exemption amounts based on county population and assessment year.

Changes to the general homestead exemption are effective for the 2018 tax year and thereafter.

Takes effect immediately upon becoming law.