Illinois HB2530 amends the Property Tax Code to allow deductions of unreimbursed medical and dental expenses for low-income senior citizens.
HB2530 modifies the Property Tax Code to permit the deduction of unreimbursed medical and dental expenses incurred by members of a low-income senior citizen's household during the taxable year. This deduction applies when determining eligibility for the low-income senior citizens assessment freeze homestead exemption. The bill specifies that the exemption amount is calculated based on the equalized assessed value of the residence minus the base amount, with varying caps based on household income and county population. The changes are effective immediately upon the bill becoming law.
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