Bill > HB4492

This bill amends the Property Tax Code to provide that property qualifying for the senior citizens homestead exemption will be entirely exempt from taxation, rather than just receiving a reduction in its assessed value, starting with taxable years 2026 and thereafter. The senior citizens homestead exemption is a benefit for individuals aged 65 or older who own or have a legal or equitable interest in a property and are responsible for paying the property taxes on it. The bill also makes a minor change to the years for which a specific reduction amount applies, extending it through 2025. This change is effective immediately upon becoming law.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4492&GAID=18&DocTypeID=HB&SessionID=114&GA=104