IL HB2882

Increases the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption from $65,000 to $75,000 for taxable year 2024.

Beginning in taxable year 2025, the income limitation will automatically increase annually by the percentage increase in the Consumer Price Index (CPI-U) for the 12-month period ending in September of the preceding calendar year.

Adds "Consumer Price Index-u" to the statute's definitions, referring to the Bureau of Labor Statistics measure of average price changes for goods and services purchased by urban consumers (1982-84=100).

The changes apply to the Low-Income Senior Citizens Assessment Freeze Homestead Exemption program established under Section 15-172 of the Property Tax Code.

Takes effect immediately upon becoming law.