IllinoisSB2798104th General Assembly (2025–2026)Senate

PROP TX-GENERAL HOMESTEAD

Sponsored By: Laura M. Murphy (Democratic)

In Committee

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Laura M. Murphy

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 3-9(a) / Re-referred to Assignments

    5/22/2026Senate
  2. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

    5/15/2026Senate
  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

    4/24/2026Senate
  4. Rule 2-10 Committee Deadline Established As April 24, 2026

    3/13/2026Senate
  5. Assigned to Revenue

    2/3/2026Senate
  6. Referred to Assignments

    1/13/2026Senate
  7. First Reading

    1/13/2026Senate
  8. Filed with Secretary by Sen. Laura M. Murphy

    1/13/2026Senate

Bill Text

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