Illinois HB1877 adjusts the Low-Income Senior Citizens Assessment Freeze Homestead Exemption, increasing income limits and modifying application.
HB1877 amends the Property Tax Code to enhance the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. It raises the maximum income limitation for eligible seniors, setting it at $75,000 for taxable year 2026 and adjusting it annually based on the Consumer Price Index thereafter. The bill also modifies application procedures, allowing county assessment officers to approve exemptions without applications under certain conditions, such as during local disasters. It further details the calculation of the exemption amount, varying by county size and applicant income.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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