Bill > HB1092

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 $85,000 for taxable years 2026 and thereafter. The exemption is designed to help senior citizens (aged 65 and older) with lower incomes by freezing the assessed value of their home for property tax purposes. Specifically, the bill raises the income threshold that determines eligibility for the exemption, which means more senior homeowners will potentially qualify for this tax relief. The exemption applies to a senior's primary residence and helps protect them from increasing property assessments that could lead to higher property taxes. The change aims to provide additional financial support to senior homeowners by making the income limit more generous, potentially helping seniors on fixed incomes to better manage their property tax burden. The bill takes effect immediately and will impact property tax assessments starting in the 2026 tax year.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1092&GAID=18&DocTypeID=HB&SessionID=114&GA=104