IL HB5878

Creates a new homestead property tax exemption for seniors age 67 and older from school district property taxes beginning in taxable year 2025.

Exemption applies to homestead property with an equalized assessed value less than $250,000 that serves as the applicant's primary residence on January 1 of the taxable year.

Exemption continues if the senior becomes a resident of a licensed assisted living, nursing home, or mental health facility, provided the spouse age 67 or older occupies the home or the property remains unoccupied and owned by the qualified applicant.

Applications must be submitted during the county's application period, with eligibility determined by the assessor or chief county assessment officer through application, inspection, questionnaire, or other reasonable methods.

State is not required to reimburse counties for implementing this exemption.