HB1339

Illinois HB1339 amends the Property Tax Code to provide a homestead exemption for senior citizens.

Illinois HB1339 amends the Property Tax Code to provide a homestead exemption for senior citizens. This bill grants an annual homestead exemption for property occupied by a person 65 years of age or older, reducing the property's taxable value. The exemption amount varies by county size and taxable year, ranging from $2,000 to $8,000. The bill also outlines procedures for determining eligibility, including annual reviews in certain counties. It mandates that the savings from the exemption be credited to the tax liability of the qualifying resident.