Illinois HB4492 amends the Property Tax Code to provide a homestead exemption for senior citizens, reducing property tax liability for those aged 65.
HB4492 amends the Property Tax Code to provide a homestead exemption for senior citizens, reducing property tax liability for those aged 65 and older. The bill specifies that eligible individuals can apply for the exemption during the assessment year they turn 65. It also outlines the maximum reduction in property value for the exemption, varying by county size and taxable year. The bill mandates that the exemption continues if the senior moves to certain care facilities. It further details the process for determining eligibility, including the use of affidavits and inspections.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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