IL HB1439

Amends the Senior Citizens Real Estate Tax Deferral Act to change how interest accrues on deferred taxes for seniors age 65 and older.

For taxes deferred prior to the effective date, interest continues to accrue at 6% per year.

For taxes deferred on or after the effective date, interest rate equals the most recent yield on a 30-year U.S. Treasury bond as of the deferral date, capped at 6% per year maximum.

Deferred taxes and accrued interest remain a lien on the property until paid and must be satisfied before property sale or transfer, except when payment arrangements are certified by the county collector.

Takes effect immediately upon becoming law.