IL HB1746

Increases the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $80,000 beginning in taxable year 2026, with annual adjustments for inflation based on the Consumer Price Index

Requires the Department of Revenue to calculate, publish, and transmit the indexed maximum income limitation to all county clerks and county treasurers by January 31 of each calendar year starting in 2026

Expands the general homestead exemption maximum reduction to $10,000 for all Illinois counties beginning in taxable year 2026, eliminating the current tiered system where smaller counties receive lower exemption amounts ($6,000-$8,000)

Currently, the general homestead exemption maximum varies: $10,000 in counties with 3,000,000+ inhabitants, $8,000 in counties contiguous to those large counties, and $6,000 in all other counties