IL SB1821

Raises the maximum household income limit for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for taxable year 2025 and thereafter

Excludes up to $10,000 per household in required minimum distributions (RMDs) from retirement plans, accounts, or annuities when calculating income eligibility for the senior assessment freeze exemption, beginning in assessment year 2025

Increases the household income threshold for the Senior Citizens Real Estate Tax Deferral Program from $65,000 to $75,000 for tax year 2025 and thereafter, preventing a scheduled reduction to $55,000 that was set to take effect in 2026

Applies to Illinois residents age 65 or older who own and occupy their residence as their principal dwelling place

Takes effect immediately upon becoming law