IL HB3253

Increases the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $85,000 for taxable year 2025, with annual cost-of-living adjustments (capped at 3%) beginning in 2026

Raises the maximum household income limit for the Senior Citizens Real Estate Tax Deferral Program from $65,000 to $95,000 for tax year 2025, with annual cost-of-living adjustments (capped at 3%) beginning in 2026

Requires bill sponsors to submit impact statements for any legislation creating or amending homestead exemptions starting July 1, 2026, including policy purpose, effects on taxing districts, and potential funding sources

Authorizes county clerks to create and administer payment plans for property owners with tax certificates held by the county during the redemption period, with authority to waive interest penalties for compliant payments

Removes the scheduled reduction of the Senior Citizens Real Estate Tax Deferral Program maximum deferral amount from $7,500 back to $5,000 that was set to occur in tax year 2026