Bill > HB2388

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 $85,000 for taxable years 2026 and thereafter. The exemption is designed to help senior citizens aged 65 and older who have low household incomes by freezing the assessed value of their primary residence for property tax purposes. Currently, the income limitation has varied over the years, with the most recent limit being $65,000. The new legislation raises this threshold to $85,000, which means more senior homeowners will be eligible for the assessment freeze, potentially providing financial relief to a broader range of low-income seniors. The bill takes effect immediately and does not require additional state reimbursement, meaning counties will implement the change using their existing administrative processes. This exemption allows qualifying seniors to have their property's assessed value remain stable at a base year level, which can help protect them from increasing property taxes as home values rise.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2388&GAID=18&DocTypeID=HB&SessionID=114&GA=104