IL HB3144

Increases the maximum senior citizens homestead property tax exemption from $5,000 to $6,000 in all counties for taxable years 2017 and thereafter.

Exemption 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.

Exemption amount for cooperatives and life care facilities is multiplied by the number of qualifying units occupied by eligible seniors.

Requires cooperative associations and life care facility management to credit exemption tax savings only to the qualifying resident's apportioned tax liability; willful refusal is a Class B misdemeanor.

Takes effect immediately upon becoming law.