IL HB1877

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

Starting in taxable year 2027, the maximum income limitation will automatically adjust annually based on the percentage increase in the Consumer Price Index (CPI-U)

The exemption freezes the equalized assessed value of a senior's home at the base year level, preventing property tax increases due to rising home values for qualifying seniors

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

Takes effect immediately upon becoming law