Bill > HB2520

This bill amends the Property Tax Code to modify the definition of "household" for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. Currently, "household" includes the applicant, the applicant's spouse, and all persons using the applicant's residence as their principal place of residence. Starting in taxable year 2026, the bill restricts the definition of "household" to only the applicant and the applicant's spouse, effectively removing other residents from the household calculation. This change could impact how household income is determined for seniors seeking this property tax exemption, potentially making it easier or harder for some seniors to qualify depending on their living situation. 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, which can help prevent property tax increases that might otherwise make homeownership challenging for seniors on fixed incomes.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2520&GAID=18&DocTypeID=HB&SessionID=114&GA=104