Bill > HB2641

This bill amends the Property Tax Code to provide a property tax exemption for school district taxes for seniors who meet certain qualifications. Specifically, for taxable year 2026 and beyond, homestead property owned by a person who will be 67 years of age or older during the taxable year can be exempt from school district property taxes. To qualify, the property must be the primary residence of the senior, have an equalized assessed value less than $250,000, and not be used primarily for commercial purposes. The exemption continues even if the senior moves into a licensed care facility, as long as their spouse remains in the home or the property remains unoccupied but owned by the qualified applicant. Property owners must apply during the county's designated application period, and the local assessor can verify eligibility through various methods such as applications, visual inspections, or questionnaires. The bill defines key terms like "qualified applicant" and "qualified homestead property" and stipulates that the state is not required to reimburse local governments for implementing this mandate.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2641&GAID=18&DocTypeID=HB&SessionID=114&GA=104