Bill > SB2746

This bill, titled the PROP TX-SENIOR FREEZE, amends the Property Tax Code to increase the maximum household income allowed for the low-income senior citizens assessment freeze homestead exemption. Specifically, for taxable years 2026 and beyond, the income limit will be raised from $65,000 to $75,000 for all eligible properties. This exemption, which aims to freeze the equalized assessed value of a senior citizen's home based on their income, is a crucial property tax relief measure for older adults. The bill also specifies that it takes effect immediately upon becoming law.

https://www.ilga.gov/Legislation/BillStatus?DocNum=2746&GAID=18&DocTypeID=SB&SessionID=114&GA=104