IL HB0070

Doubles the homestead property tax exemption for persons with disabilities from $2,000 to $4,000, effective beginning in tax year 2025

Amends Section 15-168 of the Property Tax Code, which provides annual homestead exemptions deducted from a property's equalized assessed value

Maintains existing eligibility requirements: the person with a disability must occupy the property as their primary residence, be liable for paying real estate taxes, and own or have legal/equitable interest in the property

Applies to cooperative apartment buildings and life care facilities, where the maximum exemption reduction is multiplied by the number of units occupied by persons with disabilities

Takes effect immediately upon becoming law