Bill > HB2529

This bill amends the Property Tax Code to standardize the senior citizens homestead exemption across all counties, effective for taxable years 2026 and thereafter. Currently, the maximum reduction varies depending on county population - with counties having 3,000,000 or more inhabitants (or counties contiguous to such counties) receiving an $8,000 exemption, and other counties receiving a $5,000 exemption. The bill will simplify this by providing a uniform $8,000 maximum reduction for all counties starting in 2026. The homestead exemption applies to property occupied by individuals 65 years of age or older who are liable for property taxes and have a legal or equitable interest in the property. This change means that seniors in smaller, less populous counties will see an increased property tax exemption, potentially providing additional financial relief for older homeowners across the state. The bill is effective immediately upon passage, though the $8,000 uniform exemption will not take effect until the 2026 tax year.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2529&GAID=18&DocTypeID=HB&SessionID=114&GA=104