IL HB1074

Increases the maximum household income limit for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $73,700 for taxable year 2024

Establishes automatic annual adjustments to the income limit beginning in taxable year 2025, based on changes in the Consumer Price Index for All Urban Consumers

Annual income limit adjustments will be calculated using the September CPI figure from the preceding taxable year and rounded to the nearest $100

Requires Chief County Assessment Officers to include the calculated maximum income limitation in their annual public notices about exemption availability starting in taxable year 2025