Illinois HB2640 amends the Property Tax Code to increase the maximum income limitation for the senior citizens assessment freeze homestead exemption.
HB2640 amends the Property Tax Code to adjust the maximum income limitation for the senior citizens assessment freeze homestead exemption. Effective immediately, the bill raises the maximum income limitation to $75,000 for taxable years 2026 and beyond. This exemption applies to real property improved with a permanent structure occupied as a residence by an individual who is 65 years of age or older, has a household income not exceeding the maximum income limitation, and is liable for paying real property taxes on the property.
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