IL HB2520

Amends the Property Tax Code to change how "household" is defined for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption starting in taxable year 2026

Currently, household income includes the applicant, spouse, and all persons using the residence as their principal place of residence when calculating eligibility for the exemption

Beginning in taxable year 2026, household income will only include the applicant and the applicant's spouse, excluding other residents such as adult children or caregivers living in the home

The change would allow more seniors to qualify for the assessment freeze by potentially lowering their calculated household income if non-spouse family members or others reside with them

The maximum income limitation for the exemption remains $65,000 for all qualified properties (unchanged from current law)