Bill > HB3723

This bill amends the Property Tax Code to provide additional financial protection for senior citizens by limiting property tax increases. Specifically, the bill ensures that the total property tax bill for any property receiving the senior citizens homestead exemption cannot exceed 101% of the tax bill from the immediately preceding taxable year. This means that seniors who qualify for the homestead exemption will have their property tax increases capped at just 1% annually, helping to protect them from significant tax burdens. The senior citizens homestead exemption already provides a reduction in property taxes for homeowners who are 65 years or older, with varying maximum exemption amounts depending on the county's population. By adding this 101% cap, the bill provides an extra layer of financial stability for senior homeowners, helping to ensure that they can remain in their homes without facing potentially unmanageable property tax increases from year to year.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3723&GAID=18&DocTypeID=HB&SessionID=114&GA=104