IL HB1193

Increases the maximum household income limit for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $73,700 beginning in taxable year 2026

Establishes automatic annual adjustments to the income limit starting in 2027, tied to changes in the Consumer Price Index for All Urban Consumers (CPI-U) during the 12-month period ending each September

Requires the adjusted income limit to be rounded to the nearest $100 each year

Mandates that county assessment officers include the updated maximum income limitation in their annual public notices about exemption availability beginning in taxable year 2027

Takes effect immediately upon becoming law