IL HB2639

Increases the general homestead exemption to a uniform $10,000 maximum reduction in equalized assessed value for all Illinois counties beginning in taxable year 2026

Eliminates the current tiered system where counties with 3,000,000+ inhabitants (Cook County) receive $10,000, counties contiguous to Cook County receive $8,000, and all other counties receive $6,000

Provides property tax relief to homeowners in smaller and downstate counties by raising their maximum exemption from $6,000 or $8,000 to $10,000

Amends Section 15-175 of the Property Tax Code (35 ILCS 200/15-175)

Takes effect immediately upon becoming law