Bill > SB1643

This bill amends the Property Tax Code to modify the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by introducing an automatic annual adjustment to the maximum income limitation starting in taxable year 2025. Specifically, the bill establishes that the maximum income limitation for each subsequent year will be calculated by multiplying the previous year's limit by the percentage increase in the Consumer Price Index-U (CPI-U), which is a federal measure of average price changes for goods and services purchased by urban consumers. This means that the income threshold for senior citizens to qualify for the property tax exemption will now be automatically indexed to inflation, helping to ensure that the benefit keeps pace with rising living costs. The CPI-U is calculated by the Bureau of Labor Statistics and measures price changes across various consumer goods and services, with a base reference period of 1982-84. By implementing this automatic annual adjustment, the bill aims to provide more consistent and predictable financial relief for low-income senior homeowners, protecting them from being priced out of the exemption due to inflation.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1643&GAID=18&DocTypeID=SB&SessionID=114&GA=104