IL HB1701

Amends the Property Tax Code to automatically adjust the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption beginning in taxable year 2026

Starting in 2026, the income limit (currently $65,000) will increase annually by the same cost of living adjustment (COLA) applied to Social Security and Supplemental Security Income benefits

The exemption freezes the equalized assessed value of a senior's home at the base year level, preventing property tax increases due to rising assessments for qualifying low-income seniors age 65 and older

Qualifying seniors must own and occupy the property as their principal residence, be liable for property taxes, and have household income at or below the maximum income limitation

Takes effect immediately upon becoming law