IL HB2382

Amends the Property Tax Code to automatically increase the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption beginning in taxable year 2024 based on the Employment Cost Index (ECI) published by the U.S. Department of Labor.

Starting in taxable year 2023, the income limitation for taxable years 2023 and thereafter shall be the prior year's limitation multiplied by one plus the percentage increase in the ECI for the 12-month period ending in September of the preceding calendar year.

Defines "Employment Cost Index" as the specific ECI measure for Wages and Salaries for State and Local Government Workers in Public Administration published by the Bureau of Labor Statistics.

Requires the Department of Revenue to notify each county assessor of the annual ECI percentage increase by December 1 of the previous calendar year for use in calculating the income limitation.

Takes effect immediately upon becoming law.