IL SB2710

Beginning in taxable year 2024, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption increases annually by the percentage increase in the Consumer Price Index-U for the 12-month period ending in September of the preceding calendar year.

Prior to this amendment, the maximum income limitation was fixed at $65,000 for taxable years 2018 through 2023 for all qualified properties.

The exemption applies to senior citizens age 65 or older with household income not exceeding the maximum limitation who own or have a legal interest in their primary residence and pay property taxes on it.

The amendment defines "Consumer Price Index-U" as the index published by the Bureau of Labor Statistics measuring average price changes for goods and services purchased by all urban consumers, using 1982-84 as the base year (100).

The provision takes effect immediately upon enactment.