IL HB2640

Raises the maximum household income limit for the Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000, effective for taxable years 2026 and thereafter

Amends Section 15-172 of the Illinois Property Tax Code, which provides property tax relief to seniors aged 65 and older by freezing the assessed value of their homes at a base year amount

Eligible homeowners must occupy the property as their principal residence, be liable for paying property taxes, and have legal or equitable interest in the property

Takes effect immediately upon becoming law