IL HB2609

Creates a resident low-income assessment freeze homestead exemption for properties in low-income areas, beginning in taxable year 2017, with maximum income limitations of $50,000 for applicants occupying the residence less than 5 years and $75,000 for those occupying it 5 or more years.

Indexes the maximum income limitations to the Consumer Price Index annually, increasing by the lesser of 2% or the actual CPI increase for all items.

Exemption amount equals the difference between current equalized assessed value and a base amount (prior year's value plus improvements made after the base year).

Applicants must reside in a low-income area (census tract with median income at or below Federal Poverty Level), submit applications to the chief county assessment officer, and provide affidavits verifying eligibility; counties with 3,000,000+ inhabitants may set their own application periods while smaller counties use July 1 deadline.

Establishes confidentiality protections for application information, allows audits by assessment officers to verify eligibility, and requires annual public notice of exemption availability at least 60-75 days before application deadline.