Bill > HB0069

This bill amends the Property Tax Code to increase the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for all qualified property, starting in taxable year 2025. The exemption is designed to help seniors aged 65 and older who meet certain income requirements by freezing the assessed value of their home for property tax purposes. Specifically, the bill modifies an existing program that provides property tax relief to low-income seniors by raising the income threshold, which means more seniors may be eligible for the exemption. The exemption applies to a senior's primary residence and is intended to help older homeowners on fixed incomes manage their property tax burden by preventing increases in the assessed value of their home for tax calculation purposes. This change will allow seniors with household incomes up to $75,000 to qualify for the tax assessment freeze, potentially providing financial relief to a broader group of senior homeowners.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=69&GAID=18&DocTypeID=HB&SessionID=114&GA=104