summary
Introduced
02/09/2023
02/09/2023
In Committee
05/03/2024
05/03/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Amends the Property Tax Code. Provides that, for taxable year 2023, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is (i) $75,000 for qualified property in a county with 3,000,000 or more inhabitants and (ii) $65,000 for qualified property located in a county with fewer than 3,000,000 inhabitants. Provides that, for taxable years 2024 and thereafter, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 for all qualified property. Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that the maximum household income under the Act is $75,000 for tax years 2023 and thereafter. Effective immediately.
AI Summary
This bill amends the Property Tax Code and the Senior Citizens Real Estate Tax Deferral Act. It increases the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption to $75,000 for all qualified property starting in taxable year 2024. For taxable year 2023, the maximum income limitation is $75,000 for qualified property in counties with 3 million or more inhabitants, and $65,000 for qualified property in counties with fewer than 3 million inhabitants. Additionally, the bill sets the maximum household income under the Senior Citizens Real Estate Tax Deferral Act at $75,000 for tax years 2023 and thereafter.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Session Sine Die (on 01/07/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2030&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/SB/10300SB2030.htm |
Loading...