Bill > SB2086

This bill amends the Property Tax Code to adjust the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. Specifically, for the taxable year 2025, the maximum income limitation is set at $75,000 for all qualified properties. For taxable years 2026 and thereafter, the maximum income limitation will be automatically adjusted annually based on the percentage increase in the Consumer Price Index-U (CPI-U), which is a measure of the average change in prices of goods and services purchased by urban consumers, published by the Bureau of Labor Statistics. This means that the income threshold for senior citizens to qualify for this property tax exemption will increase with inflation, helping to ensure that more seniors can continue to benefit from the exemption as living costs rise. The bill aims to provide continued financial relief for low-income senior homeowners by allowing them to freeze their property's assessed value and potentially reduce their property tax burden.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2086&GAID=18&DocTypeID=SB&SessionID=114&GA=104