IL HB1339

Amends the Property Tax Code to make property qualifying for the senior citizens homestead exemption completely exempt from property taxes beginning in taxable year 2025

Currently, seniors age 65 and older receive a partial exemption with maximum reductions of $8,000 in Cook County and contiguous counties, and $5,000 in all other counties

The exemption applies to property occupied as a residence by a person 65 or older who owns the property and is liable for paying real estate taxes

Special provisions apply to cooperatives and life care facilities, where the exemption is multiplied by the number of qualifying units occupied by seniors

Takes effect immediately upon becoming law