IL HB3581

Increases maximum income limit for Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 beginning in taxable year 2016, but only for applicants who have occupied their residence for 5 or more years.

Maintains $55,000 income limit for applicants who have occupied the residence for less than 5 years in taxable year 2016 and thereafter.

Indexes maximum income limitation to Consumer Price Index for All Urban Consumers beginning in taxable year 2017, with annual increases limited to the lesser of 2% or the CPI percentage increase.

Applies indexing separately for both residence occupancy groups (less than 5 years and 5 or more years).

Takes effect immediately upon becoming law.