IL HB5766

Increases the maximum Senior Citizens Homestead Exemption from $4,000 to $7,000 for taxable year 2012 in all Illinois counties.

Beginning in taxable year 2013 and thereafter, automatically indexes the maximum exemption to the Consumer Price Index for All Urban Consumers, adjusting annually based on the previous calendar year's increase.

Changes the law to limit the prior $4,000 maximum exemption to taxable years 2008 through 2011, replacing the previous "and thereafter" language.

Applies to property occupied as a residence by persons age 65 or older who are liable for real estate taxes and own the property or have a legal or equitable interest in it.

Takes effect immediately upon becoming law.