IL HB1826

Increases the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for taxable year 2026

Beginning in taxable year 2027, the maximum income limitation will automatically increase annually based on the Consumer Price Index (CPI-U) percentage change from the prior 12-month period ending in September

The exemption freezes the assessed value of a senior homeowner's property at the base year level, preventing property tax increases due to rising assessments

Eligible applicants must be 65 years or older, own and occupy the property as their principal residence, and have household income below the maximum limitation

The bill takes effect immediately upon becoming law