Bill > HB2640

This bill amends the Property Tax Code to increase the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for taxable years 2026 and thereafter. The exemption is a property tax relief program designed to help low-income seniors (aged 65 and older) by freezing the assessed value of their home at a base year value, which helps prevent property tax increases as home values rise. The bill specifically modifies the existing law by adding a new provision that sets the maximum income limitation at $75,000 for all qualified properties starting in 2026. To qualify for the exemption, seniors must meet several criteria, including having a household income below the specified threshold, being liable for property taxes, and either owning the property or having a legal interest in it. This change will allow more senior homeowners to benefit from the assessment freeze, potentially providing financial relief to an expanded group of low-income seniors.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2640&GAID=18&DocTypeID=HB&SessionID=114&GA=104