HB3723

Illinois HB3723 amends the Property Tax Code to adjust the senior citizens homestead exemption, including setting a cap on tax bill increases and.

Illinois HB3723 amends the Property Tax Code to adjust the senior citizens homestead exemption. It sets a cap on the total property tax bill for any property receiving the exemption, limiting it to 101% of the tax bill for the immediately preceding taxable year. The bill also modifies the eligibility criteria for the exemption, including the maximum reduction from the property's value and the conditions under which the exemption can be granted or rescinded. It further outlines procedures for reviewing exemptions and notifying property owners of their eligibility for tax deferrals.