IL HB1060

Modifies the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to cap tax liability at base year amounts beginning in taxable year 2024.

Tax collected from properties receiving the exemption shall be distributed to individual taxing districts on a pro rata basis according to each district's proportionate share of the property's total tax liability.

Changes the exemption period in non-3,000,000+ population counties from "and thereafter" to end in taxable year 2023, with new provisions taking effect in 2024.

Takes effect immediately upon becoming law.