IL HB1563

Raises the maximum household income limit for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for taxable year 2026

Beginning in taxable year 2027, the income limit will be automatically adjusted annually based on changes in the Consumer Price Index for All Urban Consumers (CPI-U), rounded to the nearest $100

Requires county assessment officers to include the updated maximum income limitation in their annual public notices about exemption availability starting in taxable year 2027

The bill takes effect immediately upon becoming law