Bill > SB4029

This bill amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption, which allows eligible seniors to freeze their property taxes based on their current assessed value. Starting in taxable year 2029, the bill mandates that this maximum income limitation will be automatically increased each year by the percentage change, if any, in the Consumer Price Index (CPI-u), a measure of inflation published by the U.S. Bureau of Labor Statistics. This change aims to help the exemption keep pace with rising living costs for seniors.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4029&GAID=18&DocTypeID=SB&SessionID=114&GA=104