HB3388 Summary

• Creates an assessment freeze homestead exemption for Illinois residents receiving federal Supplemental Security Income (SSI), effective beginning in taxable year 2019.

• Exemption applies to owner-occupied residences and certain leasehold interests in single-family homes, with household income limited to a maximum of $55,000.

• Exemption amount equals the current equalized assessed value minus the "base amount" (prior year's assessed value plus improvements added after the base year), effectively freezing assessments at baseline levels.

• Requires applicants to submit affidavits by July 1 annually (in counties with fewer than 3,000,000 residents) or during a specified period (in larger counties), with Chief County Assessment Officers authorized to conduct audits and verify eligibility.

• Exemption continues for surviving spouses under certain conditions and allows residents entering state-licensed care facilities to maintain the exemption if the residence remains occupied by a spouse or is still owned by the qualified applicant.