Bill > SB1977

This bill makes several significant changes to property tax regulations in Illinois, focusing on homestead exemptions and tax deferrals for senior citizens. Specifically, the bill introduces a new requirement that any proposed bill to create or amend a homestead exemption must include an impact statement detailing the policy purpose, potential effects on taxing districts, and optional funding sources. The bill increases the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to $85,000 for the 2025 tax year and establishes a mechanism for adjusting this limit annually based on the Consumer Price Index. Additionally, the bill allows county clerks to create and administer payment plans for tax certificates during the redemption period, potentially waiving interest penalties. For the Senior Citizens Real Estate Tax Deferral Program, the bill raises the maximum household income to $95,000 for the 2025 tax year and introduces a similar annual adjustment mechanism. These changes aim to provide more flexible and potentially more accessible property tax relief for senior citizens while ensuring transparency in the creation of homestead exemptions.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1977&GAID=18&DocTypeID=SB&SessionID=114&GA=104