IL HB3246

Increases the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $55,000 to $75,000 beginning in taxable year 2017, but only for applicants who have occupied their residence for 5 or more years.

Applicants who have occupied the residence for less than 5 years remain subject to the $55,000 income limitation in taxable year 2017.

Beginning in taxable year 2018 and thereafter, indexes both income limitation tiers (for applicants with less than 5 years and 5 or more years of occupancy) to the Consumer Price Index, with annual increases limited to the lesser of 2% or the actual CPI increase.

Applies effective immediately upon becoming law.