Bill > HB3253

This bill makes several changes to property tax laws in Illinois, focusing on homestead exemptions and tax deferrals for seniors. Specifically, the bill introduces a new requirement that starting July 1, 2026, any proposed bill to create or modify a homestead exemption must include an impact statement prepared by the bill's sponsor. This statement must outline the policy purpose, explain potential effects on different taxing districts, and suggest optional funding sources to replace any additional taxpayer burdens. For the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, the bill increases the maximum income limitation to $85,000 for the 2025 tax year and establishes a cost-of-living adjustment mechanism for subsequent years, using the Consumer Price Index with a cap of 3% annual increase. The bill also allows county clerks to create and administer payment plans for tax certificates during the redemption period, potentially waiving interest penalties. Additionally, the Senior Citizens Real Estate Tax Deferral Act is amended to adjust maximum household income limits, raising the threshold to $95,000 for the 2025 tax year and implementing a similar cost-of-living adjustment for future years. These changes aim to provide more flexible and accessible property tax relief for senior citizens in Illinois.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3253&GAID=18&DocTypeID=HB&SessionID=114&GA=104