SB3366 Summary

• Amends Illinois Property Tax Code Section 15-170 to modify the Senior Citizens Homestead Exemption for property owners age 65 and older.

• Establishes maximum exemption amounts: $2,500 in counties with 3,000,000+ inhabitants and $2,000 in other counties before 2004; $3,000 for 2004-2005; $3,500 for 2006-2007; and $4,000 for 2008 and thereafter in all counties.

• Requires counties with 3,000,000+ inhabitants to mandate annual reapplication for exemptions beginning in taxable year 2010, while smaller counties may elect a reapplication requirement with a maximum frequency of every 2 years.

• Provides pro-rata exemptions for properties first occupied after January 1 of an assessment year by eligible seniors, calculated on a per-day basis.

• Requires assessors to notify qualifying exemption recipients about potential eligibility for the Senior Citizens Real Estate Tax Deferral Act and provide contact information for the county collector.