IL HB0414

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

Allows individuals age 55 or older with household income not exceeding the maximum income limitation to qualify for the exemption on their principal residence.

Applies the age change to all references in the statute, including for leasehold interests in single-family residences and cooperative apartment buildings.

Takes effect immediately upon becoming law.