IL SB2086

Increases 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

Establishes automatic annual adjustments to the income limit beginning in taxable year 2026, indexed to the Consumer Price Index (CPI-U) based on the 12-month period ending in September of the preceding year

Applies to homeowners age 65 or older who own and occupy their residence as their principal dwelling and are liable for property taxes

The exemption freezes the assessed value of a qualifying senior's home at the base year level, preventing property tax increases due to rising assessments

Takes effect immediately upon becoming law