IL HB2641

Exempts homestead property owned by individuals aged 67 or older from property taxes levied by school districts, beginning with taxable year 2026

Limits the exemption to qualified homestead properties with an equalized assessed value under $250,000 that serve as the owner's primary residence

Excludes portions of property used for commercial purposes, with property rented for more than 6 months presumed to be commercial

Allows the exemption to continue if the qualifying homeowner moves to an assisted living or nursing facility, provided a spouse aged 67+ remains in the home or the property stays owned by the original applicant

Requires no state reimbursement to local governments for revenue lost due to this exemption