PROPERTY TAX-HOMESTEAD

Amends the Property Tax Code. Provides that the maximum reduction for the senior homestead exemption is $9,000 in counties with a population of more than 500,000 but not more than 1,000,000, $8,000 in counties with 3,000,000 or more inhabitants, and $5,000 in all other counties. Provides that the corporate authorities of the City of Chicago or the county board of a county with 3,000,000 or more inhabitants may, by ordinance, increase the maximum reduction for the senior homestead exemption for property under the jurisdiction of that city or county to not more than $9,000. Provides that the maximum reduction for the general homestead exemption is $12,000 in counties with a population of more than 500,000 but not more than 1,000,000, $10,000 in counties with 3,000,000 or more inhabitants, and $6,000 in all other counties. Provides that the corporate authorities of the City of Chicago or the county board of a county with 3,000,000 or more inhabitants may, by ordinance, increase the maximum reduction for the general homestead exemption for property under the jurisdiction of that city or county to not more than $12,000.