IL HB3702

Creates an assessment freeze homestead exemption for persons with disabilities beginning in taxable year 2017, freezing property assessments at a base year amount for eligible applicants.

Applicants must be persons with disabilities with household income not exceeding $55,000, occupy the property as a residence, and be liable for real property taxes; exemption amounts vary by income level in counties with fewer than 3,000,000 inhabitants (ranging from 100% reduction for incomes $45,000 or less to 20% reduction for incomes $48,750-$55,000).

In counties with 3,000,000 or more inhabitants, the exemption equals the current equalized assessed value minus the base amount with no income-based reduction.

Applicants must reapply annually by July 1 (or county-established deadline) by submitting an affidavit to the Chief County Assessment Officer; false applications constitute perjury.

Exemption continues for surviving spouses under certain conditions and extends to leasehold interests in single-family residences and cooperative apartments; takes effect immediately upon passage.