IL HB5425

Creates a senior citizens homestead school levy exemption for Illinois property owners age 65 and older with household income not exceeding $100,000 (adjusted annually by lesser of Consumer Price Index or 2%), effective for taxable year 2025 and beyond.

Exemption applies only to properties where no individual is or will be enrolled in a public school district eligible to place a levy on the property, and applicant must occupy the property as a primary residence.

In counties with 3 million or more inhabitants, exemption equals the incremental K-12 school salary levy; in smaller counties, exemption may be reduced by up to 1% per year provided total incremental levy does not exceed 2% of fair market value.

Surviving spouse of qualified deceased applicant may claim exemption if they meet income/residency requirements and no school-enrolled individuals reside at the property, including when applicant moves to a licensed care facility.

Applicants must file application with county assessment officer by February 15 (counties under 3 million) or during specified period (counties with 3 million or more), submitting affidavit regarding household income, age, marital status, and school enrollment status; false applications constitute perjury.