Illinois HB1757 amends the Property Tax Code to provide a low-income senior citizens assessment freeze homestead exemption.
HB1757 amends the Property Tax Code to provide a low-income senior citizens assessment freeze homestead exemption for real property. This exemption is granted to individuals who are 65 years of age or older, have a household income that does not exceed the maximum income limitation, are liable for paying real property taxes on the property, and are an owner of record or have a legal or equitable interest in the property. The exemption amount is calculated based on the equalized assessed value of the residence and the base amount.
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