IL HB2597

Increases the maximum senior citizens homestead property tax exemption from $5,000 to $8,500 in all counties for taxable years 2017 and thereafter.

Changes the exemption schedule by limiting the $5,000 exemption to taxable years 2013 through 2016 instead of extending it indefinitely.

Applies to properties occupied as residences 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.