summary
Introduced
02/16/2023
02/16/2023
In Committee
03/10/2023
03/10/2023
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 2024, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 (currently, $65,000). Provides that, beginning in taxable year 2025, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption shall be increased each year by the percentage increase, if any, in the Consumer Price Index. Effective immediately.
AI Summary
This bill increases the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable year 2024. Starting in taxable year 2025, the maximum income limitation will be increased each year by the percentage increase, if any, in the Consumer Price Index-U. The Consumer Price Index-U is an index published by the U.S. Department of Labor that measures the average change in prices of goods and services purchased by urban consumers. This change aims to help low-income senior citizens keep up with rising costs and maintain their property tax exemption as their incomes increase over time.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Session Sine Die (on 01/07/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2882&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB2882.htm |
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