IL HB4242

Increases the homestead exemption for persons with disabilities from $2,000 to $4,000, effective for tax year 2024 and thereafter.

The $2,000 exemption amount remains in effect for tax years prior to 2024.

Exemption is deducted from the property's value as equalized or assessed by the Department of Revenue.

Applicant must occupy the property as primary residence, be liable for real estate taxes, and be an owner of record or have a legal/equitable interest in the property.

Definition of disability requires a medically determinable physical or mental impairment preventing substantial gainful activity, expected to result in death or last at least 12 months.