IL HB1337

Amends the Property Tax Code to provide a full property tax exemption for persons with disabilities who receive federal Social Security disability benefits and have household income at or below 200% of the federal poverty level, beginning with taxable year 2025

Currently, the homestead exemption for persons with disabilities provides a $2,000 reduction from the property's equalized assessed value; this bill would eliminate property taxes entirely for qualifying low-income recipients

Defines "household income" as the combined income of all members living in the residence for the calendar year preceding the taxable year

Federal poverty level is determined using the most recent poverty guidelines published by the U.S. Department of Health and Human Services as of the first day of the taxable year

Takes effect immediately upon becoming law