IL HB1757

Allows senior citizens who previously qualified for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to continue receiving a partial exemption for 4 years after their household income exceeds the $65,000 maximum income limitation

Creates a phased reduction of the exemption benefit: 80% in year 1, 60% in year 2, 40% in year 3, and 20% in year 4 after income exceeds the limit

Applies only to applicants who received the exemption in the immediately preceding year while meeting all income requirements for that prior year

Ends the partial exemption immediately if the property changes ownership or the qualified applicant no longer occupies the residence

Takes effect beginning in taxable year 2025 upon becoming law