SB2878 Summary

• Establishes senior citizens homestead property tax exemption for residents age 65 and older, with maximum reduction amounts varying by county size and tax year ranging from $2,000 to $8,000.

• For counties with 3,000,000+ inhabitants (Cook County), sets maximum exemption at $8,000 for taxable years 2023 and thereafter; for contiguous counties and all others, sets $8,000 and $5,000 respectively for the same period.

• Requires annual reapplication for exemptions in large counties for taxable years 2010-2018, but eliminates reapplication requirement for taxable years 2019 and thereafter, instead requiring owners to notify assessor if property becomes ineligible.

• Mandates chief county assessment officers in large counties to establish data exchange agreements with Social Security Administration and Department of Public Health to verify taxpayer deaths and terminate exemptions accordingly.

• Requires chief county assessment officers in large counties to conduct comprehensive reviews of all exemptions granted during each reassessment cycle to identify and correct erroneous exemptions.