HB0333 Summary

• Increases maximum senior homestead exemption to $9,000 in counties with 500,000-1,000,000 population, $8,000 in counties with 3,000,000+ inhabitants, and $5,000 in all other counties, effective for taxable year 2021 and thereafter.

• Allows City of Chicago and counties with 3,000,000+ inhabitants to increase senior homestead exemption maximum to $9,000 through ordinance, with copies transmitted to county clerk.

• Increases maximum general homestead exemption to $12,000 in counties with 500,000-1,000,000 population, $10,000 in counties with 3,000,000+ inhabitants, and $6,000 in all other counties, effective for taxable year 2021 and thereafter.

• Allows City of Chicago and counties with 3,000,000+ inhabitants to increase general homestead exemption maximum to $12,000 through ordinance, with copies transmitted to county clerk.

• Changes apply to taxable years 2021 and beyond, replacing previous exemption amounts that were set at lower levels for taxable years 2017-2020.