IL HB2837

Amends the Property Tax Code to modify the Senior Citizens Assessment Freeze Homestead Exemption by allowing taxpayers to reduce their household income by Medicare premiums paid during the calendar year, beginning in taxable year 2017.

Household income calculation for eligibility purposes now excludes amounts paid as Medicare premiums, potentially allowing more seniors to qualify for or receive larger exemptions under the program.

Exemption applies to senior citizens age 65 or older with household income not exceeding the maximum income limitation ($55,000 in taxable year 2008 and thereafter) who own or have a legal interest in their principal residence.

Takes effect immediately upon becoming law.