HB5769 Summary

• Creates new Section 15-7 of the Property Tax Code establishing that Social Security benefits are excluded from "income" calculations for property tax exemptions beginning in assessment year 2012, unless expressly stated otherwise in the Code.

• Amends Section 15-172 (Senior Citizens Assessment Freeze Homestead Exemption) to exclude Social Security benefits from household income calculations starting in assessment year 2012.

• Amends Section 15-175 (General Homestead Exemption) to exclude Social Security benefits from income definitions for the additional $5,000 exemption starting in assessment year 2012.

• Amends Section 15-177 (Long-time Occupant Homestead Exemption) to exclude Social Security benefits from household income calculations starting in assessment year 2012.

• Takes effect immediately upon becoming law.