IL HB2529

Increases the maximum household income limit for the low-income senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable years 2023 and thereafter.

Modifies Section 15-172 of the Property Tax Code to establish tiered income limits: $65,000 for taxable years 2018-2022, and $75,000 for taxable years 2023 and beyond for all qualified properties.

Allows seniors age 65 and older with household income not exceeding the maximum limitation to freeze their residential property's assessed value at a base year amount.

Exemption amount calculated as the difference between current year equalized assessed value and the base year value, with special provisions for counties with 3,000,000+ inhabitants and income-based phase-outs for certain income levels.

Requires applicants to file affidavits with household income information by specified deadlines (July 1 in most counties), with county assessment officers authorized to conduct audits to verify eligibility.