SB2798 - 104th General Assembly (2025-2026)

PROP TX-GENERAL HOMESTEAD
Last Action
2/03/2026 - Senate: Assigned to Revenue
Senate Sponsors
Sen. Laura M. Murphy
Statutes Amended In Order of Appearance
35 ILCS 200/9-145  
35 ILCS 200/15-175  
65 ILCS 5/11-74.4-7  from Ch. 24, par. 11-74.4-7
Synopsis As Introduced
Amends the Property Tax Code. Provides that, for taxable year 2026, the maximum reduction for the general homestead exemption shall be $10,000 in all counties. Provides that, for taxable years 2027 and thereafter, the maximum reduction for the general homestead exemption in all counties shall be the maximum reduction for the immediately preceding taxable year, increased by the lesser of (i) 5% or (ii) the percentage increase in the Consumer Price Index during the 12-month period ending on September 30 of the immediately preceding taxable year. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year, subject to certain exceptions. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that all surplus funds in the special tax allocation fund shall be distributed as soon as possible after they are calculated (rather than distributed annually within 180 days after the close of the municipality's fiscal year). Effective immediately.
Actions
DateChamberAction
1/13/2026SenateFiled with Secretary by Sen. Laura M. Murphy
1/13/2026SenateFirst Reading
1/13/2026SenateReferred to Assignments
2/03/2026SenateAssigned to Revenue