IL SB2244

Increases income limits for senior citizens to qualify for the real estate tax deferral program: $65,000 for tax years 2022-2025, returning to $55,000 for tax year 2026 and thereafter.

Increases the maximum annual tax deferral amount from $5,000 to $7,500 per taxpayer for tax years 2022-2025, reverting to $5,000 for tax year 2026 and thereafter.

Maintains the 80% equity interest cap on total deferred taxes plus interest and the 6% annual interest rate on deferred taxes.

Preserves existing provisions allowing surviving spouses age 55 or older to continue the tax deferral status and requiring full payment upon property sale, transfer, or when it ceases to be qualifying property.