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IL HB4626

Bill

Official Source

Status

Introduced

1/27/2026

Primary Sponsor

Joe Sosnowski

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Amends the Property Tax Code to expand the general homestead exemption beginning in taxable year 2026
  • Current exemption amounts remain: $10,000 in counties with 3,000,000+ inhabitants (Cook County), $8,000 in contiguous counties, and $6,000 in all other counties
  • Adds a new component to the exemption: the difference between the current year's equalized assessed value and the base year value (when the property was last sold or transferred)
  • Effectively freezes a homeowner's taxable assessed value at the level when they purchased the property, plus the standard exemption amount
  • Takes effect immediately upon becoming law

Legislative Description

PROP TX-HOMESTEAD EXEMPTION

Last Action

Rule 19(a) / Re-referred to Rules Committee

3/27/2026

Committee Referrals

Rules3/27/2026
Revenue & Finance3/18/2026
Rules2/3/2026

Full Bill Text

No bill text available