IL SB3573

Sets maximum income limitation for Low-Income Senior Citizens Assessment Freeze Homestead Exemption at $75,000 for taxable year 2024.

Beginning in taxable year 2025 and thereafter, adjusts the maximum income limitation annually by the percentage increase in the Consumer Price Index-U for the 12-month period ending in September of the preceding calendar year.

Adds new definition of "Consumer Price Index-U" as the index published by the Bureau of Labor Statistics measuring average change in prices for all urban consumers, United States city average, all items, 1982-84=100.

Maintains existing exemption structure for counties with 3,000,000 or more inhabitants (currently Cook County) and all other counties, with calculation methods based on household income levels.

Takes effect immediately upon enactment.