HB3406 Summary

• Increases the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $85,000 for taxable years 2019 and thereafter.

• Maintains prior income limitations for earlier taxable years: $55,000 (2008-2016), $65,000 for high-population counties in 2017, and $65,000 for all qualified property in 2018.

• Applies to homeowners age 65 and older who meet income requirements and occupy their principal residence in Illinois.

• Effective immediately upon becoming law.