Senate Bill 1975 was originally introduced on February 26, 2021. It became Public Act 102-0895 some 15 months later on May 23, 2022. What’s the significance?
According to information received from Steve Bytnar, Sun City’s resident property tax guru, “the significance of the new law is that it sets new maximum homestead exemptions at $8,000 for Kane and McHenry County residents.” The new maximum is for tax levy year 2023.
Cook County residents, however, are now eligible for up to a $10,000 exemption.
Contact the Illinois Department of Revenue for forms and more information.
