IL HB1765

Increases the senior homestead exemption from $5,000 to $10,000 for taxable year 2017 in all Illinois counties.

Beginning in taxable year 2018 and thereafter, the $10,000 exemption amount is indexed annually for inflation using the Consumer Price Index for All Urban Consumers.

Changes the exemption amount for taxable years 2013-2016 from "and thereafter" to "through 2016" to establish the new escalating schedule.

Amends the Property Tax Code Section 15-170 to modify the senior citizens homestead exemption provisions for eligible residents age 65 and older.