Bill > SB1807

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 $85,000, effective for taxable years 2026 and thereafter. The exemption is designed to help low-income seniors aged 65 or older by freezing the assessed value of their primary residence for property tax purposes. Specifically, the bill modifies Section 15-172 of the Property Tax Code to raise the income threshold, which means more senior homeowners will be eligible for this tax relief. The exemption allows qualifying seniors to have their property's assessed value remain at the base year level, even if property values in the area increase, thus helping to protect seniors on fixed incomes from rising property tax burdens. The change aims to provide additional financial support to senior homeowners by expanding the income eligibility for this assessment freeze, making it easier for more seniors to benefit from this property tax exemption.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1807&GAID=18&DocTypeID=SB&SessionID=114&GA=104