HB4466 Summary

• Increases the maximum Senior Citizens Homestead Exemption from $5,000 to $7,000 for taxable year 2014 in all Illinois counties.

• Establishes automatic annual indexing to the Consumer Price Index for All Urban Consumers beginning in taxable year 2015, with the maximum reduction adjusted by the prior year's CPI increase.

• Applies to property occupied as a residence by persons 65 years of age or older who own the property or have a legal/equitable interest and pay property taxes.

• Provides similar indexed exemptions for seniors living in cooperatives and life care facilities, with exemption amounts multiplied by the number of qualifying units.

• Takes effect immediately upon becoming law.