Illinois HB3836 amends the Property Tax Code to modify the senior citizens homestead exemption, including changes to the maximum reduction amounts.
HB3836 amends the Property Tax Code to adjust the senior citizens homestead exemption. It sets a maximum reduction of $3,500 for taxable years 2008 through 2011, $4,000 for 2012 in counties with 3,000,000 or more inhabitants and $4,000 in all other counties, and $5,000 for 2013 through 2016 in all counties. For 2017 through 2022, the maximum reduction is $8,000 in counties with 3,000,000 or more inhabitants and $5,000 in all other counties.
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