HB1193 adjusts the maximum income limitation for the senior freeze exemption in Illinois for taxable year 2026 and beyond.
HB1193 amends the Property Tax Code to set the maximum income limitation for the senior freeze exemption at $73,700 for taxable year 2026 and adjusts it annually based on the Consumer Price Index. This bill affects low-income senior citizens who qualify for the homestead exemption, ensuring their property tax assessments are frozen. The exemption applies to those who are 65 years or older, have a household income within the specified limit, and own or lease a property they occupy as a residence.
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- Core Provisions
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- Legal Framework
- Critical Issues
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