Bill > HB1756

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 $75,000 for taxable years 2026 and thereafter. The exemption is designed to help senior citizens aged 65 and older who have limited household incomes by freezing the assessed value of their primary residence for property tax purposes. Currently, seniors who meet the income and age requirements can apply for this exemption, which prevents their property's assessed value from increasing beyond a base year value. The bill simply raises the maximum income threshold, making the exemption available to more seniors with slightly higher incomes. This change could provide additional financial relief to elderly homeowners by helping them manage their property tax expenses as they live on fixed incomes. The bill takes effect immediately and will benefit seniors in future tax years by expanding the income eligibility for this assessment freeze homestead exemption.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1756&GAID=18&DocTypeID=HB&SessionID=114&GA=104