Bill > HB1789

This bill amends the Property Tax Code to provide additional financial protection for senior citizens by limiting property tax increases on homes with a senior citizens homestead exemption. Specifically, the bill ensures that the total property tax bill for a qualifying senior citizen's property cannot increase by more than 1% from the previous year, with an exception for cases where property improvements have increased the property's fair market value. The exemption applies to homeowners who are 65 years or older and have ownership or a legal interest in their residence. The bill maintains existing provisions about the maximum reduction in property value for tax purposes, which varies depending on the county's population size (with different caps for counties with over 3 million inhabitants and smaller counties). The exemption continues to be available even if the senior citizen moves to a care facility, as long as their spouse is over 65 or the property remains unoccupied but still owned by the qualifying individual. The bill aims to provide financial stability for seniors by protecting them from significant property tax increases while maintaining the existing framework of the senior citizens homestead exemption.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1789&GAID=18&DocTypeID=HB&SessionID=114&GA=104