IL SB3199

Amends the Property Tax Code Section 15-172 to modify the Senior Citizens Assessment Freeze Homestead Exemption beginning in assessment year 2021.

Excludes required minimum distributions from individual retirement annuities (as defined under Section 408(b) of the Internal Revenue Code of 1986) from the definition of "income" for purposes of determining household income eligibility.

Maintains existing exemption for veteran's benefits that was already excluded from income beginning in assessment year 2001.

Takes effect immediately upon becoming law.