IL HB1906

Creates a new property tax exemption for homeowners age 65+ with household income at or below $100,000 (adjusted annually for inflation, capped at 2%) who do not have anyone in their household enrolled in public school

Exempts qualifying seniors from paying increases in school district salary-related levies (for faculty, administrators, and classified staff salaries and benefits) above what they paid in their base year

In Cook County (3,000,000+ inhabitants), the exemption may be reduced annually by the Consumer Price Index increase; in other counties, it may be reduced by 1% per year but total incremental levy cannot exceed 2% of fair market value

Surviving spouses can continue receiving the exemption regardless of age if they otherwise qualify and no household member is enrolled in public school

Takes effect for taxable year 2026, with applications due by February 15, 2026 in counties outside Cook County; requires annual affidavit verifying income, age, and school enrollment status