IL HB4589

Amends the Senior Citizens Assessment Freeze Homestead Exemption in the Property Tax Code to cap annual property tax liability increases for qualifying seniors.

Total property tax liability for exempted properties cannot exceed the prior year's liability increased by the lesser of 3% or one-half the Consumer Price Index change for All Urban Consumers.

Applies to properties where the owner is 65 years or older, has household income not exceeding $55,000 (as of 2008), and occupies the residence as their principal dwelling.

Effective immediately upon becoming law.