Bill > HB1746

This bill amends the Property Tax Code to modify homestead exemptions for low-income senior citizens and general homestead properties. For taxable years 2026 and thereafter, the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption will be the greater of either $80,000 or $80,000 adjusted by the consumer price index-u (a measure of average price changes for urban consumer goods and services). The Department of Revenue is required to calculate and publish this indexed maximum income limitation by January 31st of each year and transmit it to county clerks and treasurers. Additionally, for taxable years 2026 and beyond, the general homestead exemption's maximum reduction will be $10,000 in all counties, regardless of the county's population. The bill also introduces a definition for "consumer price index-u" and establishes a mechanism for annually adjusting the maximum income limitation to account for inflation, ensuring that the exemption's value keeps pace with rising living costs.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1746&GAID=18&DocTypeID=HB&SessionID=114&GA=104