IL SB3217

Amends the Property Tax Code to automatically adjust the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption based on annual Consumer Price Index changes beginning in taxable year 2026.

Replaces the previously enacted fixed income thresholds ($75,000 for 2026, $77,000 for 2027, and $79,000 for 2028 and beyond) with an inflation-indexed formula tied to the Consumer Price Index-u for the 12-month period ending in September of the preceding year.

The current maximum income limitation is $65,000 for taxable years 2018 through 2025; the new formula would calculate future limits by multiplying the prior year's limit by one plus the percentage increase in CPI.

Applies to senior homeowners age 65 or older who meet income requirements and own/occupy their residence as a principal dwelling, freezing their property's assessed value at a base year amount.