Bill > SB2751

This bill, contingent on Senate Bill 642 of the 104th General Assembly becoming law, amends the Property Tax Code to adjust how the "maximum income limitation" is calculated for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption for taxable years 2029 and beyond. Specifically, it mandates that for these future years, the maximum income allowed to qualify for the exemption will be determined by taking the previous year's maximum income limitation and increasing it by the percentage change in the Consumer Price Index-U (CPI-U), which is a measure of inflation for goods and services used by urban consumers, for the 12 months ending in September of the preceding year. The bill also adds a definition for "Consumer Price Index-U" to clarify its meaning. This change aims to ensure that the income threshold for the exemption keeps pace with inflation, providing ongoing property tax relief to eligible low-income seniors.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2751&GAID=18&DocTypeID=SB&SessionID=114&GA=104