Bill > HB3580

This bill amends the Property Tax Code to increase the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for all qualified property in taxable years 2026 and thereafter. The exemption is designed to help senior citizens aged 65 and older who have limited household income by providing a property tax assessment freeze. Specifically, the bill modifies the existing law to extend the income threshold, allowing more senior homeowners to qualify for property tax relief. The exemption applies to a senior's primary residence and is calculated by subtracting the base year's assessed value from the current year's assessed value, effectively preventing the property's assessed value from increasing for tax purposes. Seniors who meet the age, income, and property ownership requirements can apply for this exemption through their county's assessment office, which helps protect seniors on fixed incomes from escalating property taxes by maintaining their base property assessment value.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3580&GAID=18&DocTypeID=HB&SessionID=114&GA=104