IllinoisIllinois homestead exemption limits would track consumer price changes
Starting with the 2027 tax year, Illinois homeowners could have the maximum general homestead exemption reduction adjusted for any rise in consumer prices.
What it does
For taxable years 2027 and later, the maximum property value reduction for the general homestead exemption would follow any increase in consumer prices.
Argument forIf the formula applies, homeowners might keep more of their home’s value exempt from property taxes as consumer prices rise.
Argument againstIf the formula applies, local governments might collect less property tax because homeowners could receive larger reductions in the value used to calculate their taxes.
More detail
The maximum reduction in a home’s assessed value would follow any increase in the Consumer Price Index. This applies to the maximum reduction for the general homestead exemption in all Illinois counties. Homestead property generally means a home occupied by its owner as a main residence, with certain other covered arrangements. The formula uses the percentage increase, if any, in the Consumer Price Index during the 12-month period ending September 30 of the prior taxable year. The formula is stated to apply for taxable years 2027 and later, using the 12-month period ending September 30 of the immediately preceding taxable year.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 21Added as Co-Sponsor Sen. Donald P. DeWitteLatest
- Sep 2Added as Co-Sponsor Sen. Paul Jacobs
- Jul 9Added as Co-Sponsor Sen. Dave Syverson
- Jul 6Added as Co-Sponsor Sen. Sue Rezin
- May 22Rule 3-9(a) / Re-referred to Assignments
- May 15Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
- Apr 24Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
- Mar 13Rule 2-10 Committee Deadline Established As April 24, 2026
- Mar 10Added as Co-Sponsor Sen. Seth Lewis
- Mar 9Added as Co-Sponsor Sen. Chris Balkema
- Mar 6Added as Co-Sponsor Sen. Jason Plummer
- Mar 5Added as Co-Sponsor Sen. Jil Tracy
- Mar 5Added as Co-Sponsor Sen. Darby A. Hills
- Mar 5Added as Co-Sponsor Sen. Craig Wilcox
- Feb 24Assigned to RevenueMinor
- Feb 6Referred to Assignments
- Feb 6First ReadingMinor
- Feb 6Filed with Secretary by Sen. John F. CurranIntroduced
Taxes & BudgetHousingVeterans