IL HB2548

Increases the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption beginning in taxable year 2024 to $65,000 for individual households and $80,000 for shared households (previously $65,000 for all properties).

Defines "individual household" as a single person using the residence as their principal place of residence and "shared household" as an applicant living with one or more other persons using the same residence.

Replaces previous "household" and "household income" definitions with separate "individual income" and "shared household income" definitions to align with the new tiered income limits.

Applies to the Low-Income Senior Citizens Assessment Freeze Homestead Exemption program for senior citizens age 65 and older with qualified residential properties in Illinois.

Takes effect immediately upon becoming law.