IL SB1977

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 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 that starting July 1, 2026, any bill to create or amend a homestead exemption must include an impact statement from the sponsor identifying the policy purpose, affected demographics, effects on taxing districts, and optional funding sources to offset tax burden shifts

Authorizes county clerks to create and administer payment plans for tax certificates held by the county during the redemption period, with authority to waive interest penalties when payments follow plan terms

Allows county collectors to use eligibility for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption as qualification for the Senior Citizens Real Estate Tax Deferral Program application requirements