IL HB1254

Caps annual property tax increases at 1% for homeowners receiving the senior citizens homestead exemption, starting in levy year 2024

Property tax bills for qualifying seniors cannot exceed 101% of the previous year's tax bill

The 1% cap does not apply if the tax increase results from improvements that raised the property's fair market value

When a property's tax liability is reduced under this cap, disbursements to local taxing districts (schools, municipalities, etc.) are proportionally reduced based on each district's share of the total tax bill

Amends Section 15-170 of the Property Tax Code governing the existing senior citizens homestead exemption program