IL SB2842

Creates new Assessment Freeze Homestead Exemption for persons receiving federal Supplemental Security Income beginning in taxable year 2018, freezing assessed values at base year levels with exemption equal to the difference between current and base year equalized assessed values.

Increases maximum senior citizens homestead exemption to $9,000 in counties with 3,000,000+ inhabitants and $6,000 in all other counties for taxable years 2018 and thereafter (previously $8,000 and $5,000 respectively for 2017).

Increases maximum general homestead exemption to $12,000 in counties with 3,000,000+ inhabitants and $8,000 in all other counties for taxable years 2018 and thereafter (previously $10,000 and $6,000 respectively for 2017).

Requires applicants for the new SSI exemption to submit affidavits verifying qualification, with applications subject to audit by county assessment officers and false applications constituting perjury.

Takes effect immediately upon becoming law.