IL SB1744

Allows senior citizens who qualify for the assessment freeze homestead exemption to transfer the exemption to a new residence in Illinois if they move, beginning January 1, 2022.

When a qualified senior moves to a new residence, that residence becomes eligible for the exemption starting in the taxable year of ownership, with the base year set as the year prior to taking ownership.

Maintains existing exemption rules for income limits ($65,000 for taxable years 2018 and thereafter), age requirement (65 years or older), and property ownership or leasehold interest requirements.

Effective immediately upon enactment.