IL HB3580

Amends the Property Tax Code to exclude Social Security benefits from "income" calculations for property tax exemption purposes, effective beginning with the 2016 assessment year.

Applies the Social Security exclusion to the Senior Citizens Assessment Freeze Homestead Exemption (Section 15-172), the General Homestead Exemption (Section 15-175), and the Long-time Occupant Homestead Exemption (Section 15-177).

Establishes a new Section 15-7 providing that Social Security benefits shall not be counted as income for any exemption under Article 15 unless expressly stated otherwise in the Property Tax Code.

Exemptions previously excluded veteran's benefits from income calculations beginning in 2001; this bill adds Social Security benefits to the list of excluded income sources.

Takes effect immediately upon becoming law.