IL HB3624

Caps property tax liability for senior citizens (age 65+) at 10% of household income, effective for the 2017 taxable year and beyond.

Applicant must be a senior citizen at any point during the taxable year, have occupied the property as principal residence for at least 20 consecutive years, be liable for property taxes, and be an owner of record or have legal/equitable interest in the property.

County clerk must proportionally reduce tax extensions for each taxing district when implementing the cap.

Requires annual application during the county's established application period to claim the tax liability reduction.

Defines "household income" as combined income of all household members for the calendar year preceding the taxable year.