IL HB4420

Increases the maximum income limitation for the senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable years 2024 and thereafter.

The exemption applies to seniors age 65 and older who own or have a legal/equitable interest in their primary residence and meet household income requirements.

For taxable years 2018-2023, the income limit remains $65,000 for all qualified properties.

The exemption amount is calculated as the difference between the current equalized assessed value and a base year value, with variations based on county population and income level in some years.

Applicants must file applications with their county assessment officer during specified periods and provide affidavits of household income, age, marital status, and principal dwelling place information.