Bill > HB1701

This bill amends the Property Tax Code to modify the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by introducing an automatic annual adjustment to the maximum income limitation for the exemption. Specifically, starting in taxable year 2026, the maximum income limitation will be increased each year by the annual cost of living adjustment in Social Security and Supplemental Security Income (SSI) benefits. Prior to this change, the maximum income limitation was set at a fixed $65,000 for taxable years 2018 through 2025. The exemption is available to homeowners who are 65 years or older, have a household income below the specified limit, and are liable for property taxes. This adjustment is designed to help senior citizens keep pace with rising costs by allowing the income threshold for the property tax exemption to automatically increase with Social Security and SSI cost of living adjustments, thereby potentially helping more seniors qualify for the tax relief as their fixed incomes gradually increase.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1701&GAID=18&DocTypeID=HB&SessionID=114&GA=104