HB2434 Summary

• Increases the maximum Senior Citizens Homestead Exemption from $5,000 to $7,000 for taxable year 2015 in all Illinois counties.

• For taxable years 2016 and thereafter, the maximum exemption is indexed annually to the Consumer Price Index for All Urban Consumers published by the U.S. Bureau of Labor Statistics.

• Exemption applies to property occupied as a residence by persons 65 years or older who own or have a legal/equitable interest in the property and are liable for property taxes.

• Applies to individual homeowners, cooperative apartments, and life care facilities with eligible seniors.

• Takes effect immediately upon becoming law.