Bill > SB3894

This bill amends the Property Tax Code to adjust the income requirements for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, a program designed to prevent property tax increases for eligible seniors. Specifically, for taxable years 2026 and beyond, the "maximum income limitation," which is the highest household income a senior can have to qualify for this property tax relief, will be set at $85,000 for all eligible properties. This change aims to update the income threshold to better reflect current economic conditions and ensure more seniors can benefit from the assessment freeze, which locks in the property's assessed value from a base year, preventing it from increasing even if market values rise.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3894&GAID=18&DocTypeID=SB&SessionID=114&GA=104