Illinois SB 2798: PROP TX-GENERAL HOMESTEAD

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2798

Introduced 1/13/2026, by Sen. Laura M. Murphy 

SYNOPSIS AS INTRODUCED:

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

 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.

LRB104 17100 HLH 30519 b

A BILL FOR

SB2798LRB104 17100 HLH 30519 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Property Tax Code is amended by changing 

5Sections 9-145 and 15-175 as follows:

6 (35 ILCS 200/9-145)

7 Sec. 9-145. Statutory level of assessment. Except in 

8counties with more than 200,000 inhabitants which classif