Bill > HB1193

This bill amends the Property Tax Code to increase the maximum income limitation for the Senior Freeze Homestead Exemption. Specifically, for the 2026 tax year, the maximum income limitation will be raised from $65,000 to $73,700 for all qualified properties. Starting in 2027, the bill introduces an annual adjustment mechanism where the maximum income limitation will be increased each year based on the percentage change in the Consumer Price Index (CPI), which is an economic indicator that measures the average change in prices of goods and services purchased by urban consumers. This means the income threshold will be automatically updated annually to account for inflation, helping to ensure that more senior homeowners can continue to benefit from this property tax exemption as living costs rise. The exemption is available to homeowners who are 65 years or older, have a household income below the specified limit, and meet other eligibility criteria, providing financial relief for low-income seniors by freezing their property's assessed value for tax purposes.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1193&GAID=18&DocTypeID=HB&SessionID=114&GA=104