Bill > HB4106

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 $80,000 for taxable years 2026 and thereafter. The existing exemption is designed to help seniors aged 65 and older who have lower incomes by freezing the assessed value of their primary residence for property tax purposes. Currently, seniors with household incomes at or below $65,000 can qualify for this tax relief, and the bill will raise this income threshold to $80,000, potentially allowing more seniors to benefit from the exemption. The bill takes effect immediately upon becoming law, meaning the new income limit will apply to property taxes for the 2026 tax year and beyond. This change could provide additional financial relief to senior homeowners by helping them manage their property tax burden as they live on fixed incomes.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4106&GAID=18&DocTypeID=HB&SessionID=114&GA=104