IL HB5768

Amends the Property Tax Code Section 15-172 to lower the age requirement for the Senior Citizens Assessment Freeze Homestead Exemption from 65 years old to 55 years old.

Allows individuals age 55 and older with household income not exceeding the maximum limitation to qualify for the exemption, which freezes the assessed value of their primary residence.

Changes apply to both property owners and lessees of single-family residences who meet income and occupancy requirements.

The exemption amount varies by county size and income level, with the assessed value frozen at the base year amount (adjusted for improvements added after the base year).

Effective immediately upon becoming law.