IL HB4118

Amends the Property Tax Code Section 15-172 to lower the age requirement for the Senior Citizens Assessment Freeze Homestead Exemption from 65 years of age to 55 years of age.

Applicants must still meet other existing requirements including a household income not exceeding the maximum income limitation ($55,000 in taxable year 2008 and thereafter), ownership or legal interest in the residence, and liability for real property taxes.

The exemption applies to both outright owners and lessees of single-family residences that serve as the applicant's principal dwelling place.

The change applies to all qualifying applicants going forward, including those in life care facilities that qualify as cooperatives and apartment buildings owned as cooperatives.

Effective immediately upon becoming law.