IL HB1728

Expands the long-time occupant homestead exemption to apply in all Illinois counties beginning with taxable year 2026, removing the previous requirement that counties must first elect to participate in the alternative general homestead exemption program

Provides property tax relief for homeowners who have occupied the same residence for at least 10 continuous years (or 5 years if they received government or nonprofit housing assistance) and have household income of $100,000 or less

Limits annual increases in assessed value to 7% for households earning $75,000 or less, and 10% for households earning between $75,000 and $100,000

Counties that previously elected the alternative general homestead exemption continue to apply this exemption starting from taxable year 2007 as under current law

Takes effect immediately upon becoming law