IL SB1643

Amends the Property Tax Code to add annual inflation adjustments to the Low-Income Senior Citizens Assessment Freeze Homestead Exemption income limit beginning in taxable year 2025

The maximum household income limitation, currently set at $65,000, will be increased each year by the percentage increase in the Consumer Price Index (CPI-U) for the 12-month period ending in September of the preceding calendar year

The exemption freezes the assessed value of a qualifying senior's home at the base year level, with eligible applicants required to be 65 or older, own and occupy the property as a principal residence, and meet the income threshold

Takes effect immediately upon becoming law