IL SB2095

Sets the general homestead exemption maximum reduction at $10,000 for all Illinois counties beginning in taxable year 2025, eliminating the current tiered system based on county population

Current law provides different exemption amounts: $10,000 for counties with 3+ million inhabitants (Cook County), $8,000 for counties contiguous to Cook County, and $6,000 for all other counties

Starting in taxable year 2026, the maximum reduction will be adjusted annually by the lesser of 5% or the Consumer Price Index increase for the 12-month period ending September 30 of the prior taxable year

The bill amends Section 15-175 of the Property Tax Code (35 ILCS 200/15-175)

Effective immediately upon becoming law