IL SB0140

Eliminates the requirement for seniors to annually reapply for the homestead exemption once granted, effective for taxable year 2019 and thereafter.

Previously required taxpayers in counties with 3,000,000 or more inhabitants to reapply annually beginning in taxable year 2010; counties with fewer inhabitants had discretionary reapplication authority.

Maintains existing senior citizens homestead exemption amounts: $8,000 maximum reduction in counties with 3,000,000+ inhabitants and $5,000 in all other counties for taxable years 2017 and thereafter.

Requires assessors or chief county assessment officers to notify homestead exemption recipients that they may also qualify for deferral of real estate taxes under the Senior Citizens Real Estate Tax Deferral Act.

Takes effect immediately upon becoming law.