IL HB1789

Caps annual property tax increases at 1% for properties receiving the senior citizens homestead exemption, beginning in levy year 2026

The 1% cap does not apply if the tax increase results from improvements that raised the property's fair market value during the applicable tax year

When the cap reduces a property's tax liability, disbursements to each taxing district will be reduced proportionally based on their share of the property's total tax bill

The senior citizens homestead exemption applies to homeowners age 65 and older who own and occupy the property as their primary residence