Illinois HB0047 amends the Property Tax Code to establish a Low-Income Senior Citizens Assessment Freeze Homestead Exemption.
HB0047 amends the Property Tax Code to create a Low-Income Senior Citizens Assessment Freeze Homestead Exemption. This exemption applies to real property improved with a permanent structure that is occupied as a residence by an applicant who is 65 years of age or older, has a household income that does not exceed the maximum income limitation, has a legal or equitable ownership interest in the property, and is liable for paying real property taxes. The exemption amount varies based on the applicant's household income and the county's population size.
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