IL HB1411

Amends the Property Tax Code Section 15-175 to establish homestead exemption maximum reduction amounts for different tax years and county populations.

For taxable year 2023, sets maximum homestead exemption reductions at $10,000 in counties with 3,000,000 or more inhabitants, $8,000 in contiguous counties, and $6,000 in all other counties.

For taxable years 2024 and thereafter, establishes a uniform maximum reduction of $10,000 in all counties regardless of population.

Takes effect immediately upon becoming law.