HB5490 Summary

• Amends the Property Tax Code Section 15-172 regarding the Senior Citizens Assessment Freeze Homestead Exemption to adjust the base amount when an equalization factor of less than 1 is applied to the property in any taxable year beginning in 2013.

• When an equalization factor below 1 is applied, the base amount for calculating the exemption is calculated by multiplying the base year equalized assessed value and any added improvements by the equalization factor.

• Applies to senior citizens age 65 and older with household income not exceeding maximum limitations ($55,000 in taxable year 2008 and thereafter) who own or have legal interest in their primary residence.

• Takes effect immediately upon becoming law.