IL SB3093

Expands homestead property exemption to include life care facilities, allowing residents to qualify for the exemption based on life care contracts rather than requiring legal or equitable ownership interests.

Modifies Section 15-175 of the Property Tax Code to specify that life care facility residents liable under a life care contract can receive homestead exemptions multiplied by the number of occupied units, consistent with cooperative housing treatment.

Requires cooperative associations and life care facility management to credit exemption savings only to the owner or resident who qualified for the exemption, with violations punishable as a Class B misdemeanor.

Makes amendments effective for the 2018 tax year and thereafter.