Bill > HB1877

This bill amends the Property Tax Code to increase the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. Specifically, for the 2026 tax year, the maximum income limitation will rise from $65,000 to $75,000, providing additional financial relief for senior homeowners. Beginning in 2027, the bill introduces an annual adjustment mechanism where the maximum income limitation will be 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 means the income threshold will automatically adjust for inflation, helping seniors maintain their property tax exemption eligibility as living costs rise. The exemption is designed to help low-income seniors aged 65 and older by freezing the assessed value of their home for property tax purposes, thereby protecting them from rising property tax burdens as property values increase.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1877&GAID=18&DocTypeID=HB&SessionID=114&GA=104