Bill > HB1757

This bill amends the Property Tax Code to provide additional flexibility for low-income senior citizens seeking a property tax assessment freeze homestead exemption. Specifically, beginning in taxable year 2025, if a senior who previously qualified for the exemption experiences a temporary increase in household income that pushes them above the maximum income limitation, they can still receive a partial exemption for the current year and the three subsequent years. The exemption amount will be gradually reduced each year, starting at 80% of the original exemption amount in the first year and decreasing to 20% in the fourth year. If the senior's income returns to below the maximum limitation in any of those years, they can receive the full exemption as calculated under the existing rules. This provision helps protect seniors who may experience a one-time income increase from losing their property tax assessment freeze, providing a gradual phase-out of the exemption instead of an immediate disqualification. The bill aims to offer more stability and financial protection for senior homeowners who might otherwise be priced out of their homes due to a temporary increase in income.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1757&GAID=18&DocTypeID=HB&SessionID=114&GA=104