Bill > HB2530

This bill amends the Property Tax Code to modify the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by allowing seniors to deduct unreimbursed medical and dental expenses from their household income when determining eligibility for the property tax exemption, starting in taxable year 2026. The exemption is designed to help low-income seniors aged 65 and older who own or have a legal interest in a residential property by freezing their property's assessed value for tax purposes. Currently, the maximum income limitation for qualifying is $65,000, and the exemption reduces the property's taxable assessed value based on a base year value. The bill specifically adds a provision that allows seniors to subtract medical and dental expenses from their income calculation, potentially helping more seniors qualify for the tax relief by effectively lowering their reported household income. This change aims to provide additional financial assistance to seniors by acknowledging the potentially significant healthcare expenses they may incur.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2530&GAID=18&DocTypeID=HB&SessionID=114&GA=104