IL HB0047

Amends the Property Tax Code to modify eligibility calculations for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption

Beginning in taxable year 2026, allows taxpayers to reduce their household income by the amount of Medicare premiums paid during the calendar year when determining eligibility for the exemption

The exemption currently requires household income not to exceed $65,000; the Medicare premium deduction would lower the calculated income, potentially qualifying more seniors

Takes effect immediately upon becoming law