Bill > HB1826

This bill amends the Property Tax Code to increase and adjust the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. Specifically, for the 2026 taxable year, the maximum income limitation will be raised from $65,000 to $75,000. Beginning in 2027, the maximum income limitation will be automatically increased each year by the percentage change in the Consumer Price Index-U, which is a measure of the average change in prices of goods and services purchased by urban consumers, published by the Bureau of Labor Statistics. This exemption allows seniors 65 years and older with lower incomes to freeze the assessed value of their home for property tax purposes, helping to protect them from rising property tax burdens as property values increase. The bill aims to provide continued financial relief for senior homeowners by incrementally adjusting the income threshold to keep pace with inflation, ensuring that more seniors can benefit from this property tax exemption.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1826&GAID=18&DocTypeID=HB&SessionID=114&GA=104