IL HB2413

Amends the Property Tax Code Section 15-170 regarding Senior Citizens Homestead Exemption to require the assessor and county recorder of deeds in counties with 3,000,000 or more inhabitants to establish a policy for regular exchange of information about property ownership transfers.

Requires the assessor to mail notice to new property owners whenever a transfer of ownership occurs for properties receiving the Senior Citizens Homestead Exemption, informing them the exemption remains in place through the year of transfer and then will be cancelled.

Notice to new owners must include information about rules for reapplying for the exemption if the homeowner qualifies.

Provides no State reimbursement is required for implementation of this mandate under the State Mandates Act.

Effective immediately upon becoming law.