IL HB3797

Increases the maximum annual real estate tax deferral limit for senior citizens from $5,000 to $6,000 per taxpayer under the Senior Citizens Real Estate Tax Deferral Act, effective for the 2017 assessment year and thereafter.

Maintains the $5,000 annual maximum for assessment years 2012 through 2016, limiting the increase to tax years beginning in 2017.

Allows seniors age 65 and older who own and occupy qualifying residential property to defer real estate taxes, subject to the revised dollar limits and existing program requirements.

Preserves all other provisions of the tax deferral program, including the 80% equity interest cap, 6% annual interest rate on deferred taxes, and property lien provisions.

Takes effect immediately upon becoming law.