IL HB2398

Amends the Property Tax Code Section 15-172 to increase the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to $72,000 for taxable years 2023 and thereafter, up from $65,000 for taxable years 2018-2022.

The exemption applies to seniors age 65 or older with household income not exceeding the maximum limitation who own or have a legal interest in their primary residence and pay property taxes on the property.

Exemption amount for counties with fewer than 3,000,000 inhabitants equals the current equalized assessed value minus the base year value, with reduced percentages for applicants with higher incomes in certain cases.

Counties with 3,000,000 or more inhabitants receive an exemption equal to the full difference between current and base year values, with a minimum exemption of $2,000 for taxable year 2017 and thereafter.

Effective immediately upon becoming law.