Illinois HB2388 increases the income limit for the low-income senior citizens assessment freeze homestead exemption.
HB2388 amends the Property Tax Code to raise the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption from $65,000 to $85,000. This change applies to all qualified property, effective immediately. The exemption is available to seniors aged 65 and older with household incomes not exceeding the specified limit, who own or lease their residence and are liable for property taxes. The bill also includes provisions for determining the base year for calculating the exemption and allows for extensions in certain circumstances.
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