IL HB2554

Increases the maximum reduction under the Senior Citizens Homestead Exemption from $5,000 to $7,000 for taxable year 2017 and thereafter in all counties.

Changes the eligibility period for the $5,000 exemption from "2013 and thereafter" to "2013 through 2016" to accommodate the new $7,000 amount beginning in 2017.

Applies to property occupied as a residence by persons 65 years of age or older who are liable for real estate taxes and own or have a legal/equitable interest in the property.

Takes effect immediately upon becoming law.