HB3535 Summary

• Amends the Property Tax Code Section 15-172 regarding the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by excluding required minimum distributions from individual retirement accounts and other retirement accounts from "income" calculations beginning in assessment year 2024.

• Excludes retirement account distributions from household income when determining whether an applicant meets the maximum income limitation for the exemption eligibility.

• Takes effect immediately upon becoming law.