HB1826 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption.
HB1826 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption. For taxable year 2026, the maximum income limitation is set at $75,000. Beginning in taxable year 2027, the maximum income limitation will be the previous year's limit multiplied by one plus the percentage increase in the Consumer Price Index. The bill also allows for an automatic exemption for the 2020 taxable year under certain conditions related to the COVID-19 public health emergency.
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