Illinois HB1756 amends the Property Tax Code to increase the maximum income limitation for the low-income senior citizens assessment freeze homestead.
HB1756 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption. For taxable years 2025 and 2026, the maximum income limitation increases from $65,000 to $75,000. This change aims to provide more seniors with the opportunity to benefit from this exemption, which reduces the equalized assessed value of their property for tax purposes.
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