IL HB0151

Amends the Property Tax Code Section 15-172 regarding the Senior Citizens Assessment Freeze Homestead Exemption by increasing the maximum household income limitation to $60,000 for taxable year 2015 and all subsequent years.

Previous maximum income limitations were $35,000 (prior to 1999), $40,000 (1999-2003), $45,000 (2004-2005), $50,000 (2006-2007), and $55,000 (2008-2014).

Provides property tax relief to senior citizens age 65 and older whose household income does not exceed the maximum limitation by freezing the assessed value of their residence at a base year amount.

Takes effect immediately upon becoming law.