Exempts certain senior citizens' primary residences from property tax under the Illinois Property Tax Code.

The bill creates a free and clear senior homestead exemption for property tax in Illinois. Beginning in 2027, qualified senior citizens aged 75 or older with household incomes not exceeding a specified limit will have their primary residences exempt from taxation. The exemption applies to properties not used as primary residences by students and free from liens. The exemption continues if the residence is occupied by the senior's spouse or remains unoccupied but owned by the senior. The exemption amount is based on the Consumer Price Index and the number of units occupied by qualified seniors.

Exempts certain senior citizens' primary residences from property tax under the Illinois Property Tax Code.

The bill creates a free and clear senior homestead exemption for property tax in Illinois. Beginning in 2027, qualified senior citizens aged 75 or older with household incomes not exceeding a specified limit will have their primary residences exempt from taxation. The exemption applies to properties not used as primary residences by students and free from liens. The exemption continues if the residence is occupied by the senior's spouse or remains unoccupied but owned by the senior. The exemption amount is based on the Consumer Price Index and the number of units occupied by qualified seniors.